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Pension Tension.(U.S. Department of Labor rule regarding employee benefit plans)(Brief Article)
Hawaii Business, February, 2001 by HARRIS, JEFFREY
Employees must be informed of changes in benefit plans.
Employers must furnish employees more information about their pension and welfare benefit plans, under a rule issued on Nov. 20, 2000, by the U.S. Department of Labor. The new rule requires plan sponsors to include additional details in the summary plan descriptions (SPD) distributed to plan participants and beneficiaries.
Federal law already requires the SPD to contain extensive information about eligibility, vesting and benefits under a plan. The SPD must also describe the circumstances that may result in disqualification, ineligibility, or denial or loss of plan benefits; and be written in a manner calculated to be understood by the average participant. It may sometimes need to contain other...
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