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Table 5. Key information your plan administrator must provide
automatically
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What
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Description
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When
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Summary
Plan Description (SPD)
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A
summary version of the plan document and other important plan information,
in easier-to-understand language.
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Within
90 days of becoming a participant in the plan, and an updated copy every 10
years (5 years if the plan has been amended).
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Summary
of Material Modifications
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A
summary of significant plan changes or changes in the information required
to be in the SPD.
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Within
7 months of the end of the plan year in which the changes were made.
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Summary
Annual Report
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A
summary of financial information filed by the plan on its Form 5500 Annual
Return/Report.
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Within
9 months after the end of the plan year or 2 months after the annual report
filing deadline.
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Notice
of Significant Reduction in Future Benefit Accruals
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Notice
of any significant reduction in the rate of future benefit accruals, the
elimination, or significant reduction in an early retirement benefit or
retirement-type subsidy. Applies to defined benefit plans and certain
defined contribution plans.
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Within
a reasonable time before the effective date of the plan amendment.
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Blackout
notice
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Notice
of a period of more than 3 consecutive business days when there is a
temporary suspension, limitation or restriction on directing or
diversifying plan assets, obtaining loans, or obtaining distributions.
Applies to 401(k) or other individual account plans.
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Generally,
at least 30 days before the blackout date.
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Notice
to Participants of Underfunded Plan
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Plan
For defined benefit plans that are less than 90% funded, the notice of the
funding level of the plan and information on PBGC guarantees.
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Within
2 months after the due date for filing the annual report.
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