The Employee Retirement Income Security Act (ERISA) requires plan administrators of qualified retirement plans to give a summary plan description (SPD) to plan participants and beneficiaries. The SPD must describe their rights, benefits and responsibilities under the plan in easily understandable language and must provide certain specific information.

This guide provides a roadmap for using Practical Law's resources:

SPDs must generally be provided to participants within 90 days of the date when they first become covered by the plan and to participants and beneficiaries every five years after the SPD is initially provided, assuming the terms of the plan have changed during that time. If the plan is amended before the next SPD must be provided, the plan administrator must provide a summary of material modifications (SMMs) summarizing any material changes in the plan terms within 210 days after the end of the plan year.

Practical Law's SPD Compliance Chart for ERISA Plans provides companies that sponsor an employee benefit plan under ERISA with guidelines to ensure that the plan's SPD complies with ERISA requirements. The Chart also contains links to sample standard language that may be used in a company's SPD (see Standard Clauses for SPDs).

This Chart can be consulted when reviewing a company's retirement plan SPD, for example, to ensure that it reflects the current requirements of ERISA as well as best practices. The first portion of the Chart should be reviewed as it applies to all employee benefit plans (SPD Compliance Chart for ERISA Plans: General Requirements Applicable to Pension and Welfare Plans). There is an additional, separate section that addresses requirements specific to qualified retirement plans (see SPD Compliance Chart for ERISA Plans: Applicable only to Pension Plans).

Standard Clauses that include model language for many of the required provisions in qualified retirement plan SPDs are linked to throughout the SPD Compliance Chart for ERISA Plans and include, for example:

These Standard Clauses have integrated drafting notes with explanations and drafting tips. They can be used to ensure that a company's retirement plan provisions reflect current law and best practices or as a model to draft a new qualified retirement plan SPD.

If, in the course of reviewing a retirement plan SPD, there is an issue that requires further analysis, Practical Law offers several Practice Notes and Checklists that can help. For example:

Additionally, for a general overview of how and to what extent Title I of ERISA applies to certain employee benefit plans sponsored by private sector employers, review Practice Note, Title I of the Employee Retirement Income Security Act (ERISA): Overview.

For a list of all of the resources Practical Law Employee Benefits & Executive Compensation offers that relate to qualified retirement plan SPDs, review the Summary Plan Description (SPD) Toolkit.