Building a Better Summary Plan Description (SPD): Key Provisions Worth Adding
Sectors
While the Employee Retirement Income Security Act of 1974 (ERISA) establishes baseline disclosure requirements, a well drafted SPD will go beyond those basic requirements and can play a much broader role in plan administration. With thoughtful drafting, SPDs can help address operational challenges, clarify participant expectations, support compliance efforts, and provide employers with valuable protections in the event of disputes or regulatory scrutiny.
Foley’s recent webinar examined 16 key provisions employers may want to consider when drafting or updating summary plan descriptions that go beyond ERISA’s basic requirements. The key provisions covered in the webinar included provisions to help address these common issues:
It also includes easy to implement tips to make your SPD easier to understand and navigate for your average participant.
If you were unable to join us for this webinar, we encourage you to view the on-demand recording.
Next Steps for Employers
Now is the time to update your SPDs ahead of open enrollment. If you have any questions regarding SPD requirements, or any of the provisions discussed in the webinar, please contact Isaac Morris, Nick Welle, or Kelsey O’Gorman.
