Guest lkazden Posted June 18, 2002 Posted June 18, 2002 We have a 403(B) plan which is covered by ERISA and administered through TIAA-CREF. We have just made a change which adds additional cash withdrawal distribution options. Are we obligated to send a SMM to every person who is currently receiving monthly annuity benefits under the plan? Also, are we required to send this group SPDs every five years? Is there a penalty for not doing this? Thank you!
mbozek Posted June 19, 2002 Posted June 19, 2002 ONly if they are eligible for such additional options. A new spd need not be provided to a retired participant or beneficiary if an spd and smm furnished on the date of retirement. No there is no penaly for not providing the spd. mjb
Guest lkazden Posted June 19, 2002 Posted June 19, 2002 I was hoping that was the case. Your response is greatly appreciated!
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