SAR and Delinquent Filings

[Guest erinf]

Do Summary Annual Reports need to be completed for each plan year included in a delinquent Form 5500 filing under the DFVCP? If so, how would the group find the participants for each year? These are health & welfare filings.

[jpod]

If you are asking whether proof of SAR distribution is a condition to DFVCP relief, the answer is "no." If you are asking if there is some exemption from the SAR requirement because the 5500s were filed late under DFVCP, the answer is "no." You don't seem to be asking if there is any penalty which can be assessed for failure to distribute an SAR, but the answer is that there is a theoretical risk of criminal prosecution, but no civil penalty.

[BG5150]

...there is a theoretical risk of criminal prosecution, but no civil penalty.

Yay! I may have to go to jail, but at least I'll probably avoid heavy fines.