Summary Plan Description

[Guest mkelly]

For plans restated for GUST, with a restatement date of 1/1/02, when is the Summary Plan Description due to Participants?

[jaemmons]

Technically, when a new SPD is issued if must be given to, generally, all plan participants within 210 days after the end of the 5th plan year in which the the last SPD was provided. However, new participants must be furnished with an SPD within 90 days of becoming a plan participant.

Since most document software systems generate the SPD with the plan document, I would just issue it when you finish the GUST restatement, including the "good faith" EGTRRA amendment (assuming you will be including one with the GUST restatement). This way you will be able to incorporate all respective EGTRRA provisions, instead of issuing an additional SMM.

PS-If you don't issue an updated SPD, you MUST issue an SMM within 210 days after 12/31/02 (end of the plan year in which the material modifications become effective)

[Guest mkelly]

Not using a softward that produces the SPD with the Document.

Was wondering what the required date was to supply the SPD.

[jaemmons]

A new SPD must be provided every 5 years, so you must see when the last SPD was provided and you have 210 days after the plan year which contains the 5th anniversary of when it was given to participants.

[Brian Gallagher]

An SPD needs to be furnished every five years only if there have been amendments in that time. If there were no amendments, a copy of the original SPD must be furnished every ten years.

q.v. Pension Answer Book (2001) 20:10, DOL Reg 2520.104b-2