We are writing to inform you that the Mass Bankers Group Insurance Plan has recently updated the Summary Plan Description (SPD) of our benefit plan. An SPD is a document provided to plan participants to explain their rights and benefits under a welfare benefit plan. This document is required by the Employee Retirement Income Security Act of 1974 (ERISA), a federal law that sets minimum standards for employee benefit plans maintained by private-sector employers.

The Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), enforces most of ERISA's provisions. Violating ERISA can have serious and costly consequences; therefore, we urge you to take immediate action to ensure that employees receive the updated SPD.

Here is a copy of the latest document. 

Summary Plan Description Link

Mass Bankers held a webinar on June 25, 2024, to inform member banks about the ERISA compliance requirements and allowable distribution methods with our ERISA Counsel, Howard Kirkpatrick, Partner, Smith & Downey, P.A.  The link to the webinar is available on demand for six months.  

For more information, please view our recent Overview of ERISA Disclosure Requirements webinar:

• Zoom Recording
• Passcode: #&Za0%0T

The slide deck can be found here.

In summary, under ERISA:

• Newly Covered Participants: Distribute the SPD within 90 days after a participant first becomes covered.
• Ongoing Participants: Provide an updated SPD every five years if there have been material changes or every ten years if there have been no material changes.

Paper Delivery Distribution:

• Hand Delivery: During orientation, welcome packet distribution, or with other new hire documents, this can be done.
• Mail: First-, second-, or third-class mail is acceptable. Ensure the materials are "reasonably calculated to ensure actual receipt" by participants.

Electronic Delivery Distribution:

For Employees with Work-Related Computer Access Integral to Their Job Duties:

• No consent is required.
• Include a notice about the document's significance and the right to request a paper version.

For Employees without Work-Related Computer Access Integral to Their Job Duties:

• Obtain electronic consent before distribution.
• The consent form must demonstrate the individual's ability to access information electronically.

Reminder: Important documents and employee communication materials are hosted on the Mass Bankers Employee Benefits portal. Navigate to this section by visiting our website and clicking on Membership > Bank Members > Employee Benefits.

For questions regarding this memo's contents, contact Chad Pook at cpook@massbankers.org or 617-502-3810. 

Kind regards,

Tanya M. Duncan
EVP. Revenue and Strategy