New Summary Plan Description Rules Require More Detail

New rules for Summary Plan Descriptions for all ERISA plans require more complete and specific disclosure about plan provisions. While much of the new rule focuses on health plans, ESOPs, pension plans, stock bonus plans, 401(k) plans, and welfare benefit plans are covered as well. Areas covered include qualified domestic relations orders, explaining the difference between eligibility and vesting, and plan termination rules. The rules were issued November 20th (27 BBR 2923, 11/28/) and are effective for the first day of the second plan year beginning on or after 1/20/01.