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- Reporting and Disclosure Guide for Employee Benefit Plans
to ERISA to distribute the SPD Otherwise, once every 5 years for amended plans Once every 10 years for all other plans See 29 CFR § 2520 104b-2 Within 210 days after the end of the plan year in which the change is adopted Within 9 months after the end of the plan year, or 2 months after the due date for filing Form 5500 (with an approved
- ERISA Compliance: What, Who, When, and Why of Wrap Plans
Not all ERISA compliance requirements are driven by size For example, if an employer sponsors benefits that are subject to ERISA, the employer must have a plan document and provide plan participants with an SPD, regardless of whether they have 2 or 2,000 employees Failure to provide plan participants with an SPD within 90 days of the start of
- ERISA Compliance FAQs: Plan Document SPD Reporting and Disclosure Rules
plan or any change in the information required to be in the SPD The SMM updates the plan’s SPD Thus, a plan’s SPD will include all the SMMs that have been provided, but not yet incorporated into the SPD document As a general rule, the plan administrator must provide the SMM within 210 days after the close of the plan year in which
- ERISA Requirements – A Closer Look at Participant Disclosures
Failure to provide SARs can also result in DOL penalties If a participant, or others potentially entitled to an SAR, requests a SAR, the employer must provide it within 30 days Otherwise, an employer could be subject to a DOL penalty of up to $110 per day Failure to provide SBCs can result in DOL and Internal Revenue Code penalties
- Plan participants - Summary plan description - Internal Revenue Service
Plan sponsors are not required to file the Summary Plan Description with the Department of Labor (DOL), although they are required to provide it to DOL upon request For more information on the SPD and its importance, The Summary of Material Modifications must be written in a manner that the average participant can understand The material
- Summary Plan Descriptions – FAQs and Deadlines to Remember
Within 60 days from adoption; or; Within 90 days from adoption, if participants receive such information from the plan administrator at regular intervals of not more than 90 days ; In addition to the SPD, the Affordable Care Act (ACA) requires plan administrators and issuers to provide participants with a summary of benefits and coverage (SBC) As a related requirement, under the ACA, plan
- Who Must Receive SPDs for ERISA Health and Welfare Plans?
A participant becomes “covered” on the earliest date that the individual (1) begins participation, (2) becomes eligible to receive a benefit subject only to a contingency giving rise to the benefit (for example, an employee covered under a long-term disability plan is eligible even if no disability occurs), or (3) makes a voluntary or
- The Most Common Summary Plan Description Misconceptions
• An SPD must be provided to new participants automatically (within 90 days) • The SPD must also be provided within 30 days of a participant’s request • Common distribution methods include hand delivery, mail and electronic delivery • Federal regulations include a safe harbor for the electronic delivery of SPDs
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