Summary plan description

In accounting, summary plan description means the plain-language explanation of an ERISABenefitsERISAThe Employee Retirement Income Security Act of 1974 — the federal law that governs private employers' benefit plans, health and retirement alike: a written plan document, disclosure to participants, annual reporting and fiduciary duties plan a participant is owed within 90 days of becoming covered — and a new plan within 120 days of becoming subject to ERISA.