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Understanding Your Summary Plan Descriptions

Date: Recorded
Employers who sponsor ERISA-covered health and welfare plans are required to communicate the terms of the plan to participants in a summary plan description.

The SPD is an important disclosure document that describes, in understandable terms, the rights, benefits and responsibilities of participants and beneficiaries in ERISA-covered health and welfare benefit plans. The SPD must include important information regarding the plan, such as information on how the plan works, eligibility requirements, what benefits the plan provides and how those benefits may be obtained.

The summary of material modification describes changes made to the plan and changes in the information in the SPD.

This topic will help you understand what a summary plan description is, what ERISA requires to be included in the document and how to distribute the SPD. You will also discover what a summary annual report is, what is required under ERISA and the distribution requirements.

Agenda

Overview of the Summary Plan Description
  • What Is a Summary Plan Description?
  • Who Should Prepare Them?
  • ERISA Requirements
What Should an SPD Contain?
  • Requirements Under ERISA
  • Important Things to Include
  • Recordkeeping and Compliance Issues
Distribution of SPD
  • BULLET 1
  • How to Distribute
  • When to Distribute
  • Updating of SPD
  • Role of the Department of Labor
Summary Annual Report
  • What Is a Summary Annual Report?
  • Who Should Prepare Them?
  • Distribution of the Summary Annual Report
About The Presenter

Jamie F. Gross, J.D., LL.M.
  • Firm director in the Global Employer Services - Compensation and Benefits Tax Practice in the New York City office of Deloitte Tax, LLP
  • Experience in employee benefits focusing on the design, drafting and implementation of qualified and nonqualified plans
  • Focuses on employee benefits regulatory compliance, and health and welfare design and compliance
  • Assists clients with qualified plan design and implementation focusing on plan amendments and restatements for compliance with legislative changes such as GUST and EGTRRA, as well as with ERISA reporting requirements, including Form 5500s, summary annual reports and ERISA 204(h) notices
  • Assists clients with health and welfare plan design, implementation and compliance with a focus on HIPAA privacy regulations, DOL claims procedure regulations and summary plan description regulations
  • Conducts HIPAA privacy seminars for clients focusing on workforce training in privacy regulations
  • Member of the New York State Bar, the New Jersey State Bar and the Massachusetts Bar Associations
  • J.D. degree, New England School of Law; LL.M. degree in taxation, Boston University School of Law
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Understanding Your Summary Plan Descriptions
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