Reporting and disclosure guide for employee benefit plans…part 2
The Reporting and Disclosure Guide for Employee Benefit Plans [http://www.dol.gov/ebsa/pdf/rdguide.pdf] provided by the Department of Labor’s Employee Benefits Security Administration is an excellent tool for both employers and employees when it comes to understanding reporting rules under the Employee Retirement Income Security Act of 1974 [ERISA].
The guide contains three chapters which provide guidelines for the following topics:
- Basic Disclosure Requirements for Pension and Welfare Benefit Plans
- Additional Disclosure Requirements for Welfare Benefit Plans That Are Group Health Plans
- Additional Disclosure Requirements for Pension Plans
- Pension Insurance Premiums – single employer and multiemployer defined benefit plans
- Standard Terminations and Distress Terminations
- Overview of Form 5500 and Form M-1 Annual Reporting Requirements
The starting point of basic disclosure requirements for pension and welfare benefit plans is the Summary Plan Description [SPD]. This document informs participants about their plan and how it operates, which includes all benefits, rights, and obligations under the plan. All participants or beneficiaries receiving benefits of the plan must receive this document and it must be disclosed to participants within 90 days of becoming covered by the plan or within 90 days after first receiving benefits for plan beneficiaries.
For the complete list of disclosure requirements and all other information regarding retirement, health, and other workplace related benefits, visit the Department of Labor Employee Benefits Security Administration website at http://www.dol.gov/ebsa/.