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Chapter 2. The Rules: Understanding Your... > Understanding Your Company's 401(k) - Pg. 14

The Rules: Understanding Your 401(k) 14 Warning! Plan documents and SPDs are supposed to be up-to-date, but many are not. Ask your employer or benefits department, "Is this the latest and greatest SPD?" If not, find out what changes were made and when you can expect a new SPD. Better yet, ask for a Summary of Material Modifi-cations (SMM) because it will contain major changes made to the plan. · Summary plan description (SPD)--The world would be a better place if all employees read and understood their SPD. All the features of your 401(k)--eligibility, benefits, rules, investments, and so on--are nicely laid out in this document. Depending upon who wrote the SPD, it might actually be fun to read. Just as you may not yet have cleaned out the garage as you promised to do "one of these days," your employer may not have gotten around to updating the SPD. So, don't be shocked if the information in your company's SPD is a bit outdated. Every baseball team has a cast of characters who make it work. You'll find an owner, a manager, a coaching staff, players--and let's not forget about agents! The rulebook in our 401(k) "game" is the plan document and SPD. But who decides who plays and who sits on the bench? Who keeps score? And who looks out for your interests? There are five key personnel who help you to "play ball." These players are selected by your 401(k) plan's fiduciaries.