Debunking SPD Myths, Part 1: The SPD Basics, And (Almost) Every Plan Sponsor Needs One

Most employers that sponsor retirement, health, or other welfare plans are familiar with the requirement to provide a summary plan description ("SPD") to their employees. With that being said, we frequently run into a number of common misconceptions or gaps in understanding with respect to various SPD requirements.

The All Things HR Blog is beginning a multi-part series on SPD compliance that will shed some light on these misconceptions, and provide some practical advice for employers on how to efficiently and effectively comply with the SPD requirements. We start with some basics that every employer should know, and debunk one of the most common SPD myths: the myth that small employers do not need an SPD.