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Participant Request to Review Plan Financial Documents


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We had a participant request to come and review the financial reports of the qualified plans (i.e., essentially the 5500s).  The participant does not want to pay copy costs and just wants to come to the office.  We are limiting access to our office due to COVID and do not want participants coming in to the office.  So, the two options I can think of are (1) let the participant come but limit his time and place him in an unused office and require a mask the whole time or (2) waive the copy costs and send him the documents.  Does anyone see any issues with these options?  

Thank you. 

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I don't think I've ever seen anyone charge the copy costs.  It'll cost your bookkeeper more time in putting the few dollars into the ledger than the "revenue".

I agree:  send .pdf or send them to:

https://www.efast.dol.gov/portal/app/disseminatePublic?execution=e1s1

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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While the above advice is reasonable, it may be prudent to (proactively) let the participant know what you are doing and why.

I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.

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6 hours ago, david rigby said:

While the above advice is reasonable, it may be prudent to (proactively) let the participant know what you are doing and why.

And maybe try to find out somehow why the participant is wanting to see them to stay ahead of any potential issues, whether valid or not.

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

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