The SPD outlines the terms of your participation in your 401k plan, so in a sense it is a part of a legally binding contract. Ben Werdmuller is Head of Engineering at ForUsAll. One of the most important categories in this documentation effort is your communications to employees. I recently covered the pitch deck template that was created by Silicon Valley legend, Peter Thiel, including the most critical slides (see it here). We’ll say it again: liability can be a burden. 0000000667 00000 n Here’s a breakdown of your key 401(k) plan documents (including a table and some industry-insider tips). Team troubles can also occur when one or more members does not think the plan is important or does not buy into the process. With this service, a business or individual agrees to take full responsibility (and liability) for the plan and its day-to-day management. These people know what they are doing, and I want to get in on the action. Remember, though these are the core documents, they are by no means the only critical ones. Cleary, being a plan sponsor or administrator means you’ve already got already a lot to handle. of their criminal investigations resulted in a guilty plea or conviction. We’re here to help with that. These are the fee disclosures that have been prepared and delivered to plan participants. One of the most important categories in this documentation effort is your communications to employees. Best Practices for a Successful Executive Summary, To get this right, you have to know what your executive summary is for. It is most commonly represented in the form of a gantt chart to make it easy to communicate to stakeholders. Unfortunately, liability can be a heavy burden. Plans and issuers must provide the SBC to participants and beneficiaries at certain times, including with written application materials, at renewal, upon special enrollment, and upon request. I have been involved with the JOBS Act since inception and was invited to the White House and the US House of Representatives to provide my stands on the new regulatory changes concerning fundraising online. The goal should be to get the reader to say “This is interesting. SPDs are required for employer-sponsored health benefit plans including Defined Contribution Health Plans (i.e. The business plan itself will provide the details and whether bank managers or investors, the readers of your plan don’t want to have their time wasted. If your employer fails to operate the 401k plan according to the rules laid out in the plan document, the plan could be disqualified, she said. But— There’s a proven plan to follow. trailer << /Size 69 /Info 51 0 R /Root 54 0 R /Prev 110690 /ID[<29e57443377af01ef7311d365b11cfea><4378b7c32c2f6dd635af3a65ced378f6>] >> startxref 0 %%EOF 54 0 obj << /Type /Catalog /Pages 50 0 R /Metadata 52 0 R /PageLabels 49 0 R >> endobj 67 0 obj << /S 198 /L 269 /Filter /FlateDecode /Length 68 0 R >> stream A new SPD is being written, and for the first time, we are going to have an interactive, electronic version that will have better information accessibility than is available on paper. Handing out an "SPD is a legal requirement of the plan sponsor, because the government believes that someone has to tell you your benefits and your rights and the employer's obligations," said Ann Plank, manager of retirement plan product services with Franklin Templeton, in San Mateo, Calif. The Summary Plan Description (SPD) is a document that provides a detailed description of the Health Plan's benefits; it is generally required by law to be published every five years. These are the fee disclosures from those providing services to the plan. Benefit coverage modification to waive cost-sharing for Coronavirus/COVID-19 screening and testing. When to write a summary of qualifications instead. You can find sample executive summaries and templates from the SBA, Microsoft, and Bplans. Another copy of the SPD, the summary annual report, or a full copy of the annual report. Plans also must provide a summary of benefits and coverage (SBC) that uses clear, plain language to summarize covered benefits, cost-sharing provisions, and coverage limitations, among other details. 0000054091 00000 n This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License. The prose contained in the average SPD is not likely to win a Pulitzer Prize, because it's often pretty legalistic. "Plan Information." The electronic version will allow you to click on links to navigate within the document, making it much easier to find supporting information in different areas of the SPD. It is recommended that project summaries be limited to 50 to 100 words and use precise language. We’ll say it again: liability can be a burden. This documentation will help you prove that you are complying with participant notice requirement, and confirm that you are doing so within the required deadlines. Look at it when you have things that are relevant," he suggested. google_ad_height = 90; This document summarizes the information on Form 5500 for the benefit of plan participants. These bonds act as a safeguard and cover the plan against loss due to dishonest or fraudulent activity. Pitch decks has largely taken over the place executive summaries used to dominate. Retain all contracts and arrangements with service providers. You can learn more about the standards we follow in producing accurate, unbiased content in our. Telemedicine Expansion During Coronavirus. The most important 401(k) plan documents and records are: If you adopted features from a Volume Submitter Plan Document, you'll have a Basic Plan Document. All Rights Reserved, This is a BETA experience. A project plan, also known as a project management plan, is a document that contains a project scope and objective. Schedule a demo today – or feel free to send any questions you have to [email protected] You will need to be very familiar with this document as it spells out your Plan’s rules around eligibility, contributions, enrollment features and distribution provisions, among others. 0000001114 00000 n The information provided here is intended to help you understand the general issue and does not constitute any tax, investment or legal advice. SPDs are required for employer-sponsored health benefit plans including Defined Contribution Health Plans (i.e. Whether you’re staring down the barrel of a 401(k) audit or just being proactive, knowing the details on your 401(k) plan documents (and keeping them organized) can save you a lot of pain. your rights under the Employee Retirement Income Security Act (ERISA). Learning how to develop a project plan doesn’t need to be complicated. Author of The Art of Startup Fundraising & Serial Entrepreneur. The shorter you can make your summary business plan, the better. Here are the keys to a professional summary that works, and what to include in it.