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ERISA Requires That Material Modification Summaries Must Be Sent to the Department

question 49

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ERISA requires that material modification summaries must be sent to the Department of Labor within how many days after the end of the plan year in which the change occurred. (Summary of Material Modification)


Definitions:

Perpetual Inventory System

An inventory management system where records of inventory quantities are updated on a continuous basis as transactions occur.

Accounts Payable

The amount of money a company owes creditors (suppliers, etc.) in return for goods and services they have delivered.

Merchandise Inventory

The value of a company's current inventory of goods available for sale.

Perpetual System

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

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