SPD
SPD is an acronym for Summary Plan Description which is by law a requirement that must be provided to participants of different group benefit plans including health plans, retirement plans and cafeteria or flexible benefit plans. This written document must be prepared in a language that is understandable by the average person. However, what has transpired are lengthy, redundant, boring and repetitive documents that the average person seldom pays attention to until such time that a problem arises and refers it to an attorney.
The SPD must include among other things the following:
1. Information on qualifying events
2. Definition of qualified beneficiaries
3. Premiums
4. Election and Notice requirements
5. Length of Coverage
6. Qualified beneficiaries and employers� procedures
7. Circumstances that result in reduction or denial of coverage
