Summary plan description (SPD)

A document that summarizes the key features of a 401(k) plan in plain language. A shorter version of the plan document, it includes information such as plan eligibility, employer matching contributions, vesting, participant rights, hardship withdrawals and loans, and filing for benefits. By federal law, every participant in the plan must receive a summary plan description within 90 days of becoming a participant. Always read your summary plan description for important information on how your plan works.