The key document to any ERISA benefit is the Summary Plan Description. This document is required to be a relatively short, plain-English statement of what your benefits are, when your benefits become vested, how you can participate in the plan, how your benefits are calculated, how to change your benefits, how you will be paid, what your payment options are, what your appeal rights are when you are denied benefits, who the plan administrator is, and how to find out more about the plan and its benefits. This document is free. In fact, you must be given this document when you enroll in a plan. Additionally, the plan administrator should provide you a copy of it any time significant changes are made to plan. Each year you should also receive the plan’s annual summary report (this document discusses the plan’s financial health). If an employer does not provide you with the plan documents 30 days after your written request, you may be entitled to $110.00 penalty for each day after the 30th day. If you need help obtaining the Summary Plan Description, please contact us at Feldman, Fox & Morgado. |
