This Handbook provides an overview of federal laws affecting the elderly and retirement issues. Information discussed includes age discrimination in employment, elder abuse & exploitation, power of attorney & guardianship, Social Security and other retirement and pension plans, Medicare, and much more in 22 pages of materials.
Erisa Rules For Electronic Delivery In Montgomery
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Multi-State
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Montgomery
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US-001HB
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FAQ
SPD Delivery ERISA requires that an SPD is distributed to covered participants within 90 days after coverage begins, or within 120 days of a new program being established. An updated SPD must be furnished to all included participants every five years and every ten years, even if the SPD has not changed.
An SPD should be delivered to participants within 90 days after they become covered, whether they request it or not. Plan administrators of a new plan must distribute an SPD within 120 days after the plan is established.
The DOL's E-Delivery Rule allows retirement plan administrators to satisfy their information disclosure requirements under ERISA by distributing documents to employees electronically under a “notice-and-access” method.
It must be written for an average participant and be comprehensive enough to inform people of their benefits, rights, and obligations under the plan. Must accurately reflect the plan's contents and may not contain outdated information from more than 120 days before its initial disclosure.
The IRS rules outline two methods for providing electronic notices: (1) affirmative consent, and (2) “effective ability to access.” This second rule requires (a) the electronic medium must be a medium that the recipient has effective ability to access, and (b) at the time the notice is provided, the recipient is ...
The Employee Retirement Income Security Act (ERISA) requires plan administrators to give to participants and beneficiaries a Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. The SPD includes such information as: Name and type of plan.
Defined Benefit Plans generally require the employer to make annual contributions. The amount required is equal to the value of benefit increases for the year plus a 15-year amortization of any unfunded liabilities. If the Plan is overfunded, there is no amortization.
ERISA and the Code require each retirement plan to file Form 5500 by the end of the seventh month after the end of each plan year (extensions of time are available) unless the DOL and the IRS have granted an exemption to this requirement.