Summary Plan Description (SPD) - Physician Contract Glossary

Summary Plan Description (SPD)

Definition

An official document summarizing the main features of an employee benefit plan, including eligibility requirements, coverage limits, and claim procedures.

Examples in Context

"Employer shall provide the physician with an updated Summary Plan Description (SPD) detailing the terms of the employee benefits package, including health insurance, retirement plans, and paid time off."

"The Employer will furnish the SPD to all employees within 90 days of plan enrollment as required by ERISA regulations."

Implications for Physicians

• Ensures you understand benefit eligibility, coverage details, and claim filing procedures.
• Clarifies how your benefits integrate with your contract terms.

Negotiation Tips

• Request a copy of all SPDs before signing your contract to verify promised benefits.
• Ask for written clarification if the SPD contradicts the contract language.
• Confirm if there are any waiting periods or vesting schedules affecting your benefits.

Red Flags and Pitfalls

• Verbal promises about benefits may differ from what's outlined in the SPD.
• Employers may alter plan details without clearly informing employees.
• Benefits that appear comprehensive may have hidden limitations outlined in the SPD.

Related Terms

• Health Insurance
• Retirement Plan
• Disability Insurance

FAQs

• What happens if I don’t receive an SPD?
  • Employers are legally required to provide an SPD within 90 days of plan enrollment. If you haven’t received one, request it in writing.
• What if the SPD conflicts with my contract?
  • In many cases, the SPD will override verbal promises or informal agreements. Ensure any discrepancies are addressed before signing.
• Can employers change SPD terms without notice?
  • Employers must inform employees about significant changes to the plan, but minor adjustments may go unnoticed. Always review updated SPDs carefully.

Legal Disclaimer

The information provided in this glossary is for educational and informational purposes only and should not be construed as legal advice. While we strive to provide accurate and up-to-date information, this content is intended to help physicians better understand common contract terms and does not replace professional legal guidance.

For personalized advice regarding your employment contract or other legal concerns, we strongly recommend consulting with a qualified attorney who specializes in physician employment contracts.

You can find experienced legal professionals through our Physician Contract Lawyer Directory.