Multiplication.Phyllis,who is 30 years old,works for We Add for You Accounting.Phyllis has worked there for a number of years and is considering quitting in order to spend more time with her three active triplets,Sunny,Fussy,and Perky.She asks her boss,Bolivar,about the pension plan at We Add for You.Her boss tells her that she is not entitled to that information until she is at least 60 years old.Phyllis also asks about retaining her medical insurance protection if she quits and is told that she would have no right to do so.Bolivar also throws in that he has been monitoring her conversations and that he particularly enjoys the conversations between her and her single female friends involving failed dating experiences.He asks her to keep those up.Phyllis tells him that her personal phone calls are none of his business.Bolivar says that he can listen if he wants because the phones are his.Phyllis ends up starting her own company called We Multiply for You,and makes much,much more money.(In answering the following questions,assume all federal laws apply and that any pension and medical plan qualifies for regulation under federal law.) Which of the following is true regarding Bolivar's statement that Phyllis is not entitled to that information until she is at least 60 years old?

A) He is incorrect,and Phyllis is entitled to a rights review description.
B) He is incorrect,and Phyllis is entitled to an entitlement description.
C) He is incorrect,and Phyllis is entitled to a summary plan description.
D) He is incorrect,and Phyllis is entitled to a plan analysis description.
E) He is correct.

Question

Kevin Velazquez · Accepted Answer

Final Answer : C, Explanation :  Employers are required to provide to employees,free of charge,a summary plan description (SPD),which provides information on how the plan operates,the benefits under the plan,how to apply for such benefits,when such benefits vest,and when benefits may be paid out.

Definitions

Learning Objectives

Learning Objectives

Related questions