What is the maximum time frame by which a participant must receive their Summary Plan Description (SPD) after they first become a participant?

The maximum time frame for a participant to receive their Summary Plan Description (SPD) after becoming a participant is 90 days. This requirement is set forth by the Employee Retirement Income Security Act (ERISA), which mandates that a plan must furnish the SPD within this period to ensure that participants are adequately informed about their benefits and the rules governing the plan. This timely delivery is important as it helps participants understand their rights and responsibilities within the retirement plan, including how to manage their accounts, the options available to them, and the associated risks.

While the other options present different timelines, none of them align with ERISA's established requirement. The 120 days option may be confusing, as it suggests a uniformity across all plans which is not accurate; the 60 and 30-day options would not comply with the minimum standards of notification that ERISA requires. Thus, knowing the correct time frame is essential for both compliance and the effective communication of plan details to participants.