ABA Family Legal Guide

Law and the Workplace

Leaving a Job

Pension Plans

How can I find out about the specific terms of my pension plan?

Employee Retirement Income Security Act (ERISA) requires the plan administrator to give a summary plan description (SPD) and a summary of the annual financial report to every participant in the pension plan. The SPD is a nontechnical explanation of how the plan works and how benefits are paid out. It explains the benefit accrual rules, vesting requirements, and procedures for filing a claim for benefits. The summary of the annual financial report is a nontechnical explanation of the financial data relevant to the operation of the plan contained in the annual report. ERISA also requires that the employer make available to the plan participants, upon request, copies of the plan itself and the annual report.