SPD distribution

[Scuba 401]

what is the deadline for distribution to existing participants an SPD reflecting amendments required by GUST? i am reading the regs and they indicate 210 days from the last day of the plan year in which the changes take effect. since the gust amendments have a retrocative effective date i am a bit confused.

[Guest Chuck Miller]

You would have to distribute a Summary of Material Modification (SMM) notice to all participants about the changes in your plan required by GUST within 210 days after the end of the plan year. All restatements due to GUST are material and would need an SMM.

You would not have to create a new SPD. SPDs are required to be redone every five years if changes have been made to your plan that incorporate all the material modifications made over the past five years.

If you wanted to create a new SPD that included the GUST changes, or it's five years since your last SPD was created, your new SPD would need to be distributed within 210 days after the end of the plan year in which the changes were made.

Please note that for most plans the date when GUST restatements had to be adopted was Dec. 31, 2001, meaning your SMM or SPD was due July 31, 2002.