Are You SPD Compliant?
A summary plan description, or SPD, is the document that is given to participants and beneficiaries explaining the material terms of an ERISA plan. It is designed to summarize the plan a company offers. An SPD generally must be provided when a participant first becomes covered by a plan. It also must be provided on written request by a participant or enrolled dependent. An updated SPD or summary of material modifications (“SMM”) must be provided no later than 210 days after