In general
The administrator of a plan containing an arrangement described in paragraph (3) shall, within a reasonable period before each plan year, give to each employee to whom an arrangement described in paragraph (3) applies for such plan year notice of the employee’s rights and obligations under the arrangement which—
(i)#
is sufficiently accurate and comprehensive to apprise the employee of such rights and obligations, and
(ii)#
is written in a manner calculated to be understood by the average employee to whom the arrangement applies.