Summary Annual Report

[KateSmithPA]

The SAR states that participants may examine or receive copies of statements from the regulated financial institutions that hold the plan assets.

Plan is not participant directed and invests in 7 different brokerage accounts.

Does any participant, at any time, have the right to ask to examine or to get a copy of the monthly statements? Could they ask for a copy every month? Could they ask for copies of statements for previous years? Can the plan administrator require that the participant examine the copies only at the plan administrator's office?

Thank you.

Kate Smith

[JanetM]

Quick for your SAR to only list the required information.

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

1. an accountant's report;

2. financial information and information on payments to service providers;

3. information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates; and

4. actuarial information regarding the funding of the plan.

Basically this information is the 5500 and attachments - without SSA.

But since you say they can look at it you have to make it available. The SAR required language says this:

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report.

You also have the legally protected right to examine any of the above annual reports at the main office of that plan as noted above and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

Based on that I would say your participant has the right to come to Plan Administrators office and examine annual report from Trustee from the prior year.

I would suggest to use only the required language and not make compliance any more difficult that it already is.

[Kevin C]

The SAR states that participants may examine or receive copies of statements from the regulated financial institutions that hold the plan assets.

That sounds like part of the SAR requirements for the small plan exemption from the audit requirement.

2520.104-46(B) The summary annual report, described in Sec. 2520.104b-10, includes, in addition to any other required information:

(1) Except for qualifying plan assets described in paragraph (b)(1)(ii)(A), (B) and (F) of this section, the name of each regulated financial institution holding (or issuing) qualifying plan assets and the amount of such assets reported by the institution as of the end of the plan year;

(2) The name of the surety company issuing the bond, if the plan has more than 5% of its assets in non-qualifying plan assets;

(3) A notice indicating that participants and beneficiaries may, upon request and without charge, examine, or receive copies of, evidence of the required bond and statements received from the regulated financial institutions describing the qualifying plan assets; and

(4) A notice stating that participants and beneficiaries should contact the Regional Office of the U.S. Department of Labor's Employee Benefits Security Administration if they are unable to examine or obtain copies of the regulated financial institution statements or evidence of the required bond, if applicable; and [EBSA technical correction, 68 FR 16399 (April 3, 2003).]