Summary Annual Reports & Summary Plan Descriptions

[Guest julie daniels]

Help!!! I need good basic info on ERISA requirements. I have read the DOL Regs and now need some human input!! What is the best way to comply? Are Summary Plan Descriptions a requirement?

[Dave Baker]

For a pension plan? I don't know of any exceptions to the SPD or SAR rules.

[Guest denise childress]

I'm interested in receiving input on new, innovative ways of designing/delivering SPDs to participants. The internet is not an option and I've been the binder and booklet route with limited success. Any ideas on designing an SPD that employees just might read AND keep updated?

[Guest Chuck Miller]

The internet can be a very effective way to produce SPDs and other benefit communications. However, the effectiveness of Web-based communications greatly depends on the demographics of your employees. For example, if you have 10,000 employees all in one large manufacturing facility with little access a PC, then putting communications on the Web probably won't work well.

Also, how do you produce your printed SPDs? Are they "user-friendly"? Are they written in language that all employees understand? Are they well organized? Are they well designed with attractive graphics? Are they integrated with your other benefits communications, with consistant look and written in a clear understandable way?

Putting poor communications on the Web will not solve a communications problem. Having a well conceived and executed communications program can be effective if you're willing to devote the resources.

Feel free to email me with questions.

[This message has been edited by Chuck Miller (edited 09-30-98).]

[This message has been edited by Chuck Miller (edited 09-30-98).]

[Guest Ron Wohl]

Reprising your question about summary plan descriptions. Have you looked at the new proposed and interim regulations about spd that were announced by the Labor Dept on 9/8/98 with final comments received by 12/9/98? These regs will be published as final this spring and will cause every spd to be rewritten. The Labor Dept. estimates that 535,000 plans will need to be rewritten by the end of the year 2000.

Do you have a system for dealing with this updating process?

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