The purpose of a Summary Plan Description is to provide a clear, concise, and accurate summary of the key features of a plan. The information on the Summary Plan Description documents should include the basics of your plan, including your company’s name, the type of plan, the provisions covered by the plan and any special features. The Summary Plan Description is a summary document that has to be written in such a way that the participants of the benefits plan can easily understand it. A plan document is not the same as a plan description. The plan document tells the plan participants about the benefits they are entitled to under the plan while the Summary Plan Description is the document that outlines specific guidelines set by ERISA.
Summary Plan Description (SPD) Services Include:
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- SPD documents are automatically kept up to date with all legal requirements.
- We will notify you of any changes. You need not worry about missing IRS deadlines or getting a DOL penalty.
- Fast preparation – Wrap Documents can usually be completed in less than 60 minutes!