ERISA requires plan sponsors to distribute SPDs to inform participants of their benefits, rights, and obligations under the plan and describe how the plan operates. Department of Labor (DOL) regulations (available here) prescribe an extensive list of contents that must be included in an SPD. Changes to the SPD are communicated to participants either through a summary of material modifications (SMM) or the issuance of an updated SPD.
Please see full publication below for more information.
