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Summary Plan Description Requirements

Meaning

Summary Plan Description (SPD) Requirements are the mandatory federal mandates, chiefly under the Employee Retirement Income Security Act (ERISA), dictating the content, format, and timing of the document that informs participants about their employee benefit plan, including health and wellness offerings. The SPD must be written in a manner understandable to the average participant and must clearly detail the plan’s provisions, eligibility rules, claims procedures, and the circumstances under which benefits, such as hormonal therapies or advanced screenings, may be denied. Providing this transparent document is a cornerstone of fiduciary responsibility.