Participants’ Requests For Plan Documents

Participants’ Requests For Plan Documents

Employers who administer their own plans (frequently through their human resources departments) may receive requests for plan-related documents from employees (or their participating family members). When an employee makes such a request in writing, the employer is required by ERISA to furnish within 30 days of the request, the current summary plan description and any other documents under which the plan is established or operated. The failure to do so can result in a penalty of up to $110 per day. Plan administrators may charge a fee for copying documents for the participants.

The penalties associated with ignored or neglected requests for plan documents can quickly add up. Employers, therefore, should carefully review any such requests.

In addition, the plan sponsor should discuss with qualified ERISA legal counsel the conditions for which the plan sponsor may charge an administrative charge to the requesting participant for copying requests.

 

NEED MORE INFORMATION?

If you need more information regarding this or any other topic affecting your retirement plan, visit our Withum ERISA Knowledge Corner online, follow us on Twitter at WSB_ERISA or contact us at [email protected] to arrange a free consultation today.

The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your plan’s individual facts and circumstances.

Learn More About our Employee Benefits Services>> learnMore

How Can We Help?

Previous Post

Next Post