Does a one person 401(k) Plan have to receive and submit a SPD?

[Guest Michael Anderson]

Does a one person 401(k) Plan have to receive and submit a SPD?

Thanks!

[wmyer]

If the only participant is a 100% owner, the plan is not covered by ERISA and does not need an SPD.

What do you mean "submit" the SPD...the requirement to submit an SPD to the DOL was removed six years or so ago.

[No Name]

WARNING! RANT.

And what do you suppose DOL did with all those SPDs. Read them? Haw haw. Had 1 DOL audit in 24 years. Dude had to cancel because budget was frozen (Clinton, Republican Congress... can't remember). He had to reschedule about 6 months later. Probably burned the SPDs to keep the lights on.

Nice pensions in those Gov't jobs. Maybe we know-it-alls can fill in for the IRS/DOL retirees and make it hell for those that stay in private practice.