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ERISA Compliance - Medical FSA

  • Summary Plan Description (SPD) must be furnished to participants within 120 days after plan is adopted.
  • New employees must receive a SPD within 90 days after becoming participants.
  • If plan is amended, an updated copy of SPD must be given to plan participants every 5 years. This must be distributed within 210 days after the year end of the 5-year period.
  • If plan is not amended, a copy of the SPD must be furnished to each participant every 10 years. This must be distributed within 210 days after the year end of the 10-year period.
  • A description of material changes in the plan must be furnished to plan participants within 210 days after the end of the plan year in which the amendment occurs.