How often must the SPD be updated if there have been amendments made?

The correct answer is that the Summary Plan Description (SPD) must be updated every 10 years if there have been amendments made. This requirement is in accordance with ERISA (Employee Retirement Income Security Act) rules. The SPD serves as a vital document to inform plan participants about their rights and obligations under the plan, and when there are amendments, the SPD must reflect these changes to ensure participants have the correct and up-to-date information.

It's important to understand the timelines involved; while some plan documents have specific timelines for updates, such as 5 years for periodic updates under certain conditions, the requirement for SPDs is distinctly every 10 years. This frequency acknowledges the need for sufficient time for plan sponsors to communicate plan changes while ensuring that participants are kept informed about how amendments affect their rights within the plan. This ongoing communication is crucial for participant awareness and benefits management.

The other options presented do not align with ERISA requirements concerning SPD updates for amendments, which is why they are not applicable in this context.