Guest pjb Posted August 14, 2002 Posted August 14, 2002 Are there any special rules for updating SPDs for GUST? Is the timing basically subject to the SMM requirements (210 days)? Do they have to be restated for GUST?
Brian Gallagher Posted August 14, 2002 Posted August 14, 2002 SMM requirements, plus the 5-year rule. SPD's must be distributed at least every 5 yrs. Remember: two wrongs don't make a right, but three rights make a left.
david rigby Posted August 14, 2002 Posted August 14, 2002 Not quite. ERISA section 104. SPD's must be distributed at least every 5 years if there are significant plan changes; at least every 10 years even if no amendments. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Guest pjb Posted August 14, 2002 Posted August 14, 2002 So, if a plan hasn't been amended for 5 years but less than 10 (the SPD hasn't changed) and GUST is adopted this year (say 12/31/2002), when would the SPD need to be restated?
david rigby Posted August 14, 2002 Posted August 14, 2002 I suggest the answer is Yes. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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