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Simple English definitions for legal terms
SPD
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A quick definition of SPD:
Term: SPD
Definition: SPD stands for Summary Plan Description. It is a document that explains the benefits and rules of a company's employee benefit plan. It tells you what you need to know about your benefits, such as health insurance, retirement plans, and vacation time. It's like a guidebook that helps you understand how your benefits work.
A more thorough explanation:
Definition: SPD is an abbreviation for Summary Plan Description. It is a document that explains the benefits and coverage provided by an employee benefit plan, such as a health insurance plan or retirement plan.
Example: An SPD for a health insurance plan would include information about what medical services are covered, how much the plan pays for those services, and any limitations or exclusions. It would also explain how to file a claim and how to appeal a denied claim.
Explanation: The example illustrates how an SPD provides important information about the benefits and coverage provided by an employee benefit plan. It helps employees understand what is covered and how to use the plan effectively. Without an SPD, employees may not know what benefits they are entitled to or how to access them.