Participant Statement Due Dates

[Dazednconfused]

Hi,

I am trying to straighten out when the participant statements are due to them per the PPA...

For 'pooled' or non-participant directed, plans that have valuations once per year, when are the statements due ? What about semi annual valuations ?

For plans that have individual accounts, such as smith barney, and the participants receive monthly statements, however, the valuation is only done at year end, when are statements due ?

For those plans that have online recordkeeping, I believe that since they are receiving yearly vesting data that they provide them quarterly..

For plans that have quarterly valuations, I believe that they have 45 days after the quarter end, is this correct?

I remember reading an article that originally yearly valuations also had 45 days but that was extended... however, I cant find the article again....

The participant statement and PPA notice (with vesting info and such) are one in the same for the due dates...correct?

Any help would be greatly apprectiated

Thanks!

J

[J Simmons]

For 'pooled' or non-participant directed, plans that have valuations once per year, when are the statements due ? What about semi annual valuations ?

It is not driven by the frequency of valuations. Rather it is by whether pooled or individual accounts, and if individual accounts, whether participant direction is allowed:

For pooled account plans, within 30 days of writtent request from the participant or beneficiary-but only once in 12 months. ERISA § 502©(1), § 105(a)(1)(A)(iii), and § 105(b).

For individual accounts with no participant direction, within 45 days of the end of each calendar year is good faith compliance. EBSA Field Assistance Bulletin 2006-03, December 20, 2006, and ERISA § 105(a)(1)(A)(ii).

For individual account with participant direction, within 45 days of the end of each calendar quarter is good faith compliance. EBSA Field Assistance Bulletin 2006-03, December 20, 2006 and ERISA § 105(a)(1)(A)(i).