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Your Retirement Plan: What You Should Know
Sources of Plan Information Type of Document Who You Can Get It From When You Can Get It Your Cost Summary Plan Description (SPD): This summary of your retirement plan tells you what the plan provides and how it operates. Plan Administrator Upon written request Reasonable Charge Automatically within 90 days after you become covered under the plan Free Automatically every 5 years if your plan is amended Free Automatically every 10 years if your plan has not been amended Free Department of Labor Upon Request Copying Charge Summary of Material Modifications (SMM): This summarizes material changes to your plan. Plan Administrator Automatically within 210 days after the end of the plan year for which the plan has been amended or modified (distribution of a revised SPD satisfies this requirement) Free Department of Labor Upon Request Copying Charge Summary Annual Report: This summarizes the annual financial reports that most retirement plans file with the Department of Labor. Plan Administrator Automatically within 9 months after the end of the plan year, or 2 months after the due date for filing the annual report Free Annual Report (Form 5500 Series): Annual financial reports that most retirement plans file with the Department of Labor. Plan Administrator Latest annual report upon written request Reasonable Charge Department of Labor Upon Request Copying Charge Individual Benefit Statement: A statement describing your total accrued and vested benefits is required to be provided by ;most retirement plans. Plan Administrator Upon written request once every 12 months Free Documents and Instructions under which the plan is established or operated: This includes, for example, the plan document, collective bargaining agreement, trust agreement, SPD, SMM, and latest annual report. Plan Administrator Upon written request Reasonable Charge Available for Inspection upon request Free Notice to Participants in Underfunded Plans. Generally, single-employer pension plans that are less than 90% funded must give you notice reporting the finding level of the plan describing the and limits on PBGC's guarantees. Plan Administrator Within 2 months after the due date for filing the annual report Free
FAQs
- How does an employee file a claim for benefits?
- What are Employee Retirement Income Security Act (ERISA)'s funding requirements?
- When is a worker eligible for overtime pay?
- Does the law require employers to provide pensions?
- How is the overtime pay rate computed?
Employees' Rights Resources
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Harvard Attorney Helping Women Achieve Success! Pregnancy/Sex Discrimination; Sexual Harassment.
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