Under federal law, all pension plan participants are entitled to a copy of their pension upon request. However, the plan sponsor may charge a nominal fee to cover the cost of making a copy and mailing. The entire pension plan document is typically very lengthy and contains highly technical language that may not be easily understod by the plan participant. If you are looking for a simpler explanation of the terms of your pension plan, it is best to request the summary plan description (SPD), which is a non-technical explanation of what the pension plan is and how it works. The SPD contains basic information about the plan such as the type of plan, participation requirements, claims procedures, and contact information for the administrator. A plan participant may request an SPD at any time, but by law it must be provided to all individuals within 90 days after they become plan participants.
It is advisable that you keep copies of your SPD. Additionally, you should keep copies of your benefit statements and notices from the plan, along with your other important documents such as your pay stubs and tax documents. Keep all of the documents from your pension plans together. You should also keep other documents such as plan funding notices and annual reports.