1. Which of the following statements is required notifications is correct? 1. Employers are required to provide, free of charge, a summary of the details of the qualified retirement plan, called a summary plan description, to employees, participants, and beneficiaries under pay status (receiving benefits). The summary must be furnished within 90 days after the person becomes a participant.
2. Employers are required to provide the plan participants notices of any plan amendments or changes. This notice can be provided either through a revised Summary Plan Description or in a separate document, called a summary of material modifications. This document must be given to participants free of charge within 210 days after the end of the plan year in which a change is adopted and applies when there are substantive changes in the plan.
3. 1 only.
4. 2 only.
5. Both 1 and 2.
6. Neither 1 nor 2.