How often must a summary plan description be provided to plan participants after joining?

The requirement for providing a summary plan description (SPD) to plan participants is governed by the Employee Retirement Income Security Act (ERISA). Under ERISA, an SPD must be given to participants upon joining the plan, but it must also be updated and redistributed when significant modifications are made to the plan.

The correct answer pertains to the stipulation that the SPD needs to be provided every five years if changes have been made to the plan. This ensures that all participants receive current and relevant information regarding their benefits and rights, reflecting any updates or modifications to the plan's terms.

While participants do receive the SPD upon joining the plan, it is important for them to have access to the most recent information over time, especially if there have been changes that could affect their participation or benefits under the plan. Thus, the requirement is not simply a one-time distribution, nor is it an annual or tri-annual obligation unless there are modifications made, which reaffirms the need to keep participants adequately informed.