Arbitration Clause for ERISA Retirement Plan
(Summary Plan Description)

Summary

Use this summary plan description (SPD) provision in a retirement plan subject to the Employee Retirement Income Security Act (ERISA) to disclose that any disputes remaining unresolved by the plan's internal claim procedures are subject to mandatory arbitration. This template includes practical guidance, drafting notes, and an optional clause. This template contains a general description of mandatory arbitration rules set forth in a hypothetical plan at a relatively low level of detail typical for an SPD. Arbitration provisions can vary widely in their details, so it is important to tailor the SPD's description as needed so that it is an accurate and concise overview of the relevant provisions. Under ERISA, SPDs are required to be written in a manner so that the average plan participant can understand them but also sufficiently accurate and comprehensive to reasonably apprise participants of their rights and obligations under the plan. ERISA § 102(a) (29 U.S.C. § 1022(a)); 29 C.F.R. § ...