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SUMMARY PLAN DESCRIPTION U.S. salaried and nonunion hourly employees of Bronfman Corporation and its SubsidiariesBROWNFORMAN CORPORATION SAVINGS PLANTS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING

How to fill out summary plan description

How to fill out summary plan description

1. To fill out a summary plan description (SPD), follow these steps:
2. Start by gathering all relevant information about the employee benefit plan.
3. Include the plan name and type, as well as the plan sponsor's name and address.
4. Describe the eligibility requirements for participating in the plan.
5. Explain the benefits offered by the plan, including any coverage details or limitations.
6. Provide information about the plan's funding and how it operates, including any contributions or employer matching.
7. Outline the procedures for filing claims and appealing denials.
8. Include any information about plan amendments or changes.
9. Clearly explain the rights and responsibilities of plan participants.
10. Consider using plain language and providing examples to enhance understanding.
11. Review the completed SPD for accuracy and ensure all required information is included.
12. Distribute the SPD to plan participants, following any legal requirements or deadlines.

Who needs summary plan description?

1. Summary plan descriptions (SPDs) are required for most employee benefit plans regulated by the Employee Retirement Income Security Act (ERISA).
2. These may include retirement plans (such as 401(k) plans), health and welfare plans, pension plans, and other employee benefit programs.
3. Employers sponsoring these plans are responsible for providing an SPD to plan participants, typically within 90 days of becoming a participant or within a specified enrollment period.
4. SPDs are essential for employees to understand their rights, benefits, and obligations under the plan, ensuring transparency and compliance with ERISA regulations.

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What is summary plan description?

Summary plan description is a document that provides detailed information about an employee benefit plan, including information about the plan's features, eligibility requirements, funding, and other important details.

Who is required to file summary plan description?

Employers who offer employee benefit plans subject to ERISA (Employee Retirement Income Security Act) are required to provide a summary plan description to plan participants.

How to fill out summary plan description?

Summary plan descriptions can be filled out by gathering all the necessary information about the employee benefit plan and organizing it into a clear and comprehensive document following ERISA guidelines.

What is the purpose of summary plan description?

The purpose of a summary plan description is to communicate important information about an employee benefit plan to plan participants, helping them understand their rights and benefits under the plan.

What information must be reported on summary plan description?

Information that must be reported on a summary plan description includes details about plan eligibility, benefits, funding, and procedures for filing benefit claims and appeals.