IS IT REQUIRED TO HAVE CONTRIBUTION RATES BE PART OF THE SPD?

The Department of Labor requires SPD’s in order to disclose the source of contributions to the plan. However, it is not required to include the contributions or the specific rates. This would often require annual updates when contributions change. Included in our documents is the source of contributions, we also reference the plans enrollment materials for specific information necessary. A change in contribution amount does not constitute a change in the plan.