Does ERISA or any other regulation require a company to explain in the SPDs that the retirement benefits are "different" from the benefits employees receive as actives? Specifically, does there need to be a statement to the effect that the benefits cost more and are more restrictive (cover less, higher deductibles, copays, etc.) than the benefits they received as active employees? If so, is there a specific regulation code someone can point me to - Any input appreciated!

I would say that if medical benefits are provided in any way for retirees that such information is required to be published in an SPD. All circumstances in which persons are eligible for benefits must be contained in the SPD. This is standard disclosure in an SPD according ERISA. Even if it wasn’t required one would be prudent to disclose any differences in retire medical coverage in order to avoid any misunderstandings about what retiree coverage will be. There have been several retiree lawsuits revolving around promises of benefits that were changed after retirement. It pays to make these benefits clear in your SPD and Plan document.

Read the ERISA SPD contents requirements.