51.1-1001 - Summary plan description.
§ 51.1-1001. Summary plan description.
A. A summary plan description shall contain the following information: thename and type of administration of the retirement system; the name andaddress of the person designated as agent for the service of legal process,if such person is not the administrator; the name and address of theadministrator; names, titles and addresses of any trustee or trustees (ifthey are persons different from the administrator); the retirement system'srequirements respecting eligibility for membership and benefits; anddescription of the provisions providing for nonforfeitable pension benefits;circumstances which may result in disqualification, ineligibility, or denialor loss of benefits; the source of financing of the retirement system and theidentity of any organization through which benefits are provided; the date ofthe end of the retirement system plan year and whether the records of theretirement system are kept on a calendar, policy, or fiscal year basis; theprocedures to be followed in presenting claims for benefits and the remediesavailable for the redress of claims which are denied in whole or in part.
B. The summary plan description shall be written in a manner calculated to beunderstood by the average retirement system member and beneficiary and shallbe sufficiently comprehensive to apprise the members and beneficiaries oftheir rights and obligations under the retirement system plan.
C. Every member and beneficiary shall be furnished a summary plan descriptionwithin 90 days of becoming a member or beneficiary, and every member andbeneficiary shall be furnished an updated summary plan description within 210days after the end of the retirement system plan year in which a materialmodification or change in the retirement system or its plan occurs. No chargeshall be made for furnishing a copy of the SPD under this subsection.
D. Upon written request, the latest updated summary plan description shall befurnished to any member or beneficiary. A reasonable charge may be made tocover the cost of furnishing an SPD under this subsection.
(1990, c. 706; 2004, c. 209.)