Under the authority of section 110 of the Act, in the case of an
employee pension benefit plan--
(a) Summary plan descriptions. A plan administrator will be deemed
to satisfy the requirements of section 104(b)(1) of the Act and Sec.
2520.104b-2(a) to furnish a copy of the initial summary plan description
to a retired participant, a beneficiary receiving benefits, or a
separated participant with vested benefits (``vested separated
participant'') if, no earlier than the date stated in paragraph (a)(4)
of this section,
(1) In the case of a retired participant or a beneficiary receiving
benefits, a document is furnished which--
(i) Meets the requirements of Sec. Sec. 2520.102-2 and 2520.102-3
except paragraphs (b)(3), (b)(4), (j), (k), (l), (n), (o) and (p);
(ii) Contains a statement that the benefit payment presently being
received by the retired participant or beneficiary receiving benefits
will continue in the same amount and for the period provided in the mode
of settlement selected at retirement, and will not be changed except as
described in paragraph (a)(1)(iii) of this section; and
(iii) Contains a statement describing any plan provision under which
the present benefit payment may be reduced, changed, terminated,
forfeited or suspended;
(2) In the case of a vested separated participant, a document is
furnished which--
(i) Meets the requirements of Sec. Sec. 2520.102-2 and 2520.102-3
except paragraphs (b)(3), (b)(4), (j), (l), (n), (o), (p) and (r);
(ii)(A) If at or after separation, a separated vested participant
was furnished a statement of the dollar amount of the vested benefit or
the method of computation of the benefit, includes a statement that the
dollar amount of the vested benefit was previously furnished and that a
copy of the previously furnished statement of the dollar amount of such
vested benefit or
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method of computation of the benefit may be obtained from the plan upon
request;
(B) If the vested separated participant was not furnished a
statement of the dollar amount of the vested benefit or the method of
computation of the benefit, the plan furnishes either a statement of the
dollar amount of the vested benefit, or a statement of the formula used
to determine the dollar amount of the vested benefit;
(iii) Includes a statement of the form in which the benefits will be
paid and duration of the payment period or a description of the optional
modes of payment available under the plan; and
(iv) Includes a statement describing any plan provision under which
a benefit may be reduced, changed, terminated, forfeited or suspended;
or
(3)(i) Such retired participant, vested separated participant, or
beneficiary receiving benefits was furnished with a copy of a document
which--
(A) Satisfies the requirements of section 102(a)(1) of the Act and
Sec. 2520.102-2 (relating to the style and format of the summary plan
description) and Sec. 2520.102-3 (relating to the content of the
summary plan description);
(B) Describes the rights and obligations under the plan of such
retired participant, vested separated participant, or beneficiary
receiving benefits as of the date stated in subparagraph (4);
(ii) In the case of a person who retired, became a beneficiary, or
separated with vested benefits before November 16, 1977, a document will
be deemed to comply with the requirements of paragraph (a)(2)(i) of this
section if the document omitted only information described in one or
more of the provisions of Sec. 2520.102-3 listed below, provided that a
supplement containing such information, which meets the requirements of
Sec. 2520.102-2, is furnished to the retired participant, vested
separated participant, or beneficiary receiving benefits by November 16,
1977.
(A) Employer identification number (EIN), as required by Sec.
2520.102-3(c);
(B) Type of administration, as required by Sec. 2520.102-3(e);
(C) Name of agent for service of legal process, as required by Sec.
2520.102-3(g);
(D) Names and addresses of trustees, as required by Sec. 2520.102-
3(h);
(E) Statement regarding plan termination insurance as required by
Sec. 2520.102-3(m);
(F) Date of the end of the fiscal year, as required by Sec.
2520.102-3(r); or
(G) Statement of ERISA rights, as required by Sec. 2520.102-3(t).
(4) For purposes of this paragraph the dates are: For a vested
separated participant, the date of separation; for a beneficiary, the
date on which payment of benefits commences; and for a retired
participant, the date of retirement.
(b) Updated summary plan descriptions. A copy of an updated summary
plan description need not be furnished as prescribed in section
104(b)(1) of the Act and Sec. 2520.104b-2(b) to a retired participant,
vested separated participant, or a beneficiary receiving benefits if--
(1)(i) On or after the date stated in paragraph (b)(1)(ii) of this
section, the retired participant, vested separated participant, or
beneficiary is furnished with a copy of the most recent summary plan
description and a copy of any summaries of material modifications not
incorporated in such summary plan description;
(ii) For purposes of paragraph (b)(1)(i) of this section the dates
are: for a retired participant, the date of retirement; for a vested
separated participant, the date of separation; and for a beneficiary,
the date on which payment of benefits commences;
(2) No latter than the date on which an updated summary plan
description is furnished to participants and beneficiaries as prescribed
by section 104(b)(1) of the Act and Sec. 2520.104b-2(b), a retired
participant, vested separated participant, or beneficiary receiving
benefits is furnished a notice containing the following:
(i) A statement that the benefit rights of such retired participant,
vested separated participant, or beneficiary receiving benefits are set
forth in the earlier summary plan description and any subsequently
furnished summaries of material modifications (see paragraph (c)), and
(ii) A statement that such retired participant, vested separated
participant, or beneficiary receiving benefits
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may obtain a copy of the earlier summary plan description and summaries
of material modifications described in paragraph (b)(2)(i) of this
section, and the updated summary plan description, without charge, upon
request, from the plan administrator; and
(3) The plan administrator furnishes a copy of the documents
described in paragraph (b)(2)(ii) of this section to such retired
participant, vested separated participant or beneficiary, without
charge, upon request.
(c) Summary of material modifications or changes. A summary
description of a material modification to the plan or a change in the
information required to be included in the summary plan description need
not be furnished to a retired participant, a vested separated
participant or a beneficiary receiving benefits under the plan, within
the time prescribed in section 104(b)(1) of the Act and Sec. 2520.104b-
3 for furnishing summary descriptions of such modifications and changes,
if the material modification or change in no way affects such retired
participant's, vested separated participant's, or beneficiary's rights
under the plan. For example, a change in trustees is information which
such a person may need to know in order to make inquiries about his or
her rights expeditiously, and hence must be furnished. On the other
hand, a modification in benefits under the plan to which such retired
participant, vested separated participant, or beneficiary had not at any
time been entitled (and would not in the future be entitled) would not
affect his or her rights and hence need not be furnished. If such
retired participant, vested separated participant, or beneficiary
requests a copy of a summary description of a material modification or a
change which was not furnished, the plan administrator shall furnish the
copy, without charge.
[45 FR 14032, Mar. 4, 1980, as amended at 61 FR 33850, July 1, 1996]
