Summary Annual Report Distribution

[Guest monti1]

We filed our 5500 by the 7/31 deadline and now must issue SAR's to participants and beneficiaries by 9/30. We are unclear if we are obligated to only provide a SAR to those deemed participants or beneficiaries as of a specific date. What date is appropriate? 12/31/02, 7/31/03 or 9/30/03?

It might be really confusing if a former associate terminated employment after 12/31 and is no longer a participant once we file. Any guidance is appreciated.

[WDIK]

"[T]he administrator of any employee benefit plan shall furnish annually to each participant of such plan and to each beneficiary receiving benefits under such plan (other than beneficiaries under a welfare plan) a summary annual report conforming to the requirements of this section."

(29 CFR 2520.104b-10(a))

As you can see, no specific date is mentioned in this cite, but I have always understood it to mean that the SAR should be distributed to all who were participants or beneficiaries during the period covered by the SAR. (In your example 1/1/02 to 12/31/02.)

I have heard arguments on the other side, but I'd rather be safe than sorry.