What to provide participants as part of a "full annual report&quo

[jkharvey]

Our summary annual report tells a participant that they are entitled to receive a copy of the "full annual report". I am saying that this refers to a copy of the complete Form 5500 and related schedules, excluding the SSA. I'd like to know what others are providing to participants in response to this question.

[david rigby]

That is my understanding of that phrase. Don't forget that the auditor's report is included in the definition of "related schedules", if applicable.

Even though the sponsor can charge a "copying cost" for this, certain parts must be provided without charge, that is the asset pages of the 5500.

[richard]

It is my understanding that instead of providing the participant with a Summary Annual Report, the plan sponsor can provide the entire 5500C (with schedules).

Since starting in 2000, we have new 5500s (which are not the most readable), I wonder if any plan sponsors will be providing participants with the new 5500s rather than SARs.

I am bringing this up because, under proposed DoL regulations (I think), the SAR has to include additional information in order to avoid the requirement that a plan with fewer than 100 participants obtain an audit.

[Guest JB2]

Forms / schedules that have "This Form is Open to Public Inspection" in the upper right corner are the ones that the employee can have a copy of.

The SSA has confidential information such as SSN and account balance. Therefore, "This Form is NOT Open to Public Inspection" and you should not distribute.

[Kirk Maldonado]

pax:

What is your authority for the fact that certain parts of the Form 5500 must be provided free of charge, even though the participant received an SAR?

[david rigby]

ERISA Section 104(B)(3). Note cross reference to sec 103(B)(3).

[Kirk Maldonado]

pax:

Thanks for the cite.