What are the requirements under ERISA?
ERISA places many requirements on employee benefit plans. The major requirements include: • A written plan document must notify a participant of his/her rights and obligations under the plan as well as describe the plan’s operational rules. • The Summary Plan Description (SPD) must be distributed to participants within certain timeframes. • Anyone with discretionary authority, control, or responsibility of the plan’s management or administration is a fiduciary and must comply with certain requirements including acting in the sole interest of the plan’s participants and beneficiaries. • Fiduciaries of a plan with plan assets will need to meet certain bonding requirements. • Claims must be determined and communicated according to specific guidelines. • Plan assets are for the exclusive purpose of providing benefits to plan participants and reasonable administrative expenses. • Certain plans must file an annual report (Form 5500) and distribute a Summary Annual Report to participants. • E
Related Questions
- For ERISA 403(b) plans, new 5500 reporting requirements in 2009 require plan asset data to be reported, much like for 401(k) plans. How much data do I need to include?
- Does this policy satisfy the ERISA Bond requirements for my in-house pension and profit sharing plans?
- Are ERISA Plans Required to Comply With the New Requirements?
