Is it common for outdated social security wage base amounts and IRS annual compensation limits to be referenced in SPD's with respect to how partipant's plan contributions are calculated? I have an SPD that uses 1999 amounts in their description of how my Plan's contribution is calculated. Is a notation that "social security wage base and federal limits are adjusted periodically for inflation" sufficient?

I think it is very common.
BTW, an SPD must be reissued every 5 years if there are significant changes, or every 10 years even if there are no changes.