Benefits & ERISA Law
: Pension Protection Act BlogWSJ Article Provides Advice About Vesting
By Suzanne Wynn (index)
In a recent article in the Wall Street Journal, Kelly Greene answers the question from a reader about whether her employer can keep a percentage of the matching contribution in her account because she is not fully vested. It is not the question which is so interest, but the answer, provided by David Wray, president of the Profit Sharing / 401(k) Council of America. (hat tip to BenefitsLink.com)
His answer is:
- What your company is doing is legal - - as long as it is following what’s called the “summary plan description,” which outlines how the plan works, including its vesting requirements.
I thought his answer was very smart. By directing the employee to a something they should already have a copy of - the summary plan description - instead of something they probably do not have a copy of - the plan document, he answered the question without creating more questions. Additionally, when there is a conflict between the provisions in the plan document and the provisions in the summary plan description, the courts have been ruling that the provisions in the summary plan description control. So by directing the employee to the summary plan description for the answer, Mr. Wray also avoided that possibility.
pension protection act, Kelly Greene, Wall Street Journal, vesting, summary plan description, David Wray, Profit Sharing / 401(k) Council of America, SPD, ERISA
Technorati Tags: pension protection act, Kelly Greene, Wall Street Journal, vesting, summary plan description, David Wray, Profit Sharing / 401(k) Council of America, SPD, ERISA
Full post as published by Pension Protection Act Blog on July 15, 2008 (boomark / email).
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