A Summary Plan Description (SPD) is a document provided by employers to employees, outlining the details of benefit plans like health or retirement in clear terms.
- What is a summary plan description (SPD)?
Answer: It is a document detailing benefit plan terms. - What does it include?
Answer: It includes coverage, costs, and eligibility. - Is it required?
Answer: Yes, under ERISA for certain plans. - What are the benefits?
Answer: It ensures transparency and compliance. - How does HR manage it?
Answer: HR distributes and updates the SPD.
