Glossary · Benefits
SPD (Summary Plan Description)
A plain-language summary of an ERISA-covered plan's features, rights, and obligations, required to be distributed to participants.
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ERISA requires SPDs to be furnished to participants within 90 days of plan eligibility (and again every 5–10 years depending on amendments). Failure to distribute can trigger DOL penalties.
PEO master-plan SPDs are typically furnished by the PEO directly to co-employed workers, removing distribution overhead from the client.
Related terms
- ERISA (Employee Retirement Income Security Act)Federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry.
- Wrap Plan DocumentA single ERISA plan document that consolidates multiple employer-sponsored welfare benefits into one plan for administrative and reporting simplicity.
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