Will updated SPD satisfy notice requirement for fee change

[pensionreview]

A plan being restated for Post-PPA will update fees for individual participant expenses. This restated plan is effective on 1/1/2022. Since the SPD reflects the updated fees, is that sufficient to satisfy notice requirements for fee changes, or is it necessary to issue a notice notifying participants of this change to be effective 30 days after the notice is given?

[Pam Shoup]

If this is for a participant directed plan, you are going to need to update the 404a-5 notice and distribute that notice 30 days prior to the effective date of the change.  You can add a cover letter to the notice that it is being updated for fee changes.