ERISA Coverage of 403(b) Plans
A 403(b) plan is a retirement program for employees of public schools, certain tax-exempt organizations and certain ministers. Under a 403(b) plan, employers may purchase annuity contracts or establish custodial accounts invested only in mutual funds for the purpose of providing retirement income for their eligible employees. The annuity contracts […]
Can the Benefit Booklet Provided by Our Plan’s Insurer Serve as the SPD?
QUESTION: We have a fully insured group health plan. The insurer provides a state-law required certificate of insurance booklet that describes the coverage provided under the plan. Can we use that booklet as the summary plan description (SPD) for this plan? ANSWER: The booklet probably cannot serve as the SPD on its […]