Guest TYounkin Posted January 22, 2000 Posted January 22, 2000 I'm currently looking for some information on the minimum requirements and information that should be listed on 401(k) statements. I'm very happy with my detailed quarterly statements but have heard from other plan participants that only get their statement once a year. Some statements only show balances, no N.A.V.'s or dates and amounts of contributions which would make it very difficult for plan participants to keep tabs on their accounts. I thought I once read a plan participant may even have to ask for an annual statement in order to get one. So I'm not sure if 401(k) statements are even mandatory if the plan participant does not ask. I'm sure most 401(k) plan participants do not run into this problem but I'm sure the ones that do will appreciate your comments and suggestions. Thanks in advance. ------------------ <A HREF="http://www.timyounkin.com" TARGET=_blank>http://www.timyounkin.com</A>
Greg Judd Posted January 23, 2000 Posted January 23, 2000 Tim, Only BenefitsLink could get you the skinny so efficiently on this & other matters statutory/regulatory. Dave's library section on ERISA is a great resource. I found the listing below using the "Search Title 29 by Keyword" link. Here's a f'erinstance: Here's the section where ERISA spells out what's required re: reporting a participant's benefits info: United States Code TITLE 29 - LABOR CHAPTER 18 - EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM SUBCHAPTER I - PROTECTION OF EMPLOYEE BENEFIT RIGHTS Subtitle B -Regulatory Provisions part 1 - reporting and disclosure Section 1025 Click below to go to it directly: Reporting of participant's benefit rights This citation's tantalizing in that it refers to statement requirements for "benefits" information, but it may not be the ONLY reference re: provision of account status. But hey, I don't have time to do ALL the work.... [This message has been edited by Greg Judd (edited 01-23-2000).]
Guest TYounkin Posted January 23, 2000 Posted January 23, 2000 Thanks for the reply. I was also email this link When must annual benefit statements and summary annual reports be provided to retirement plan participants? posted 11/11/99, which goes into the ERISA regulation. Do you have any tips for those plan participants who may only get annual statements once a year with limitied information on their statements? Can one possibly keep good tabs on their account in these cases? I'm thinking maybe an account holder can call their plan provider customer service and get information on their account over the telephone. Also, perhaps another review of their plan prospectuses past performance and objectives of their funds would be a good idea. ------------------ 401(k) Fees and News
Guest ypartridge Posted January 23, 2000 Posted January 23, 2000 Some 401(k) Plans are set up to only be valued once per year. In addition, these yearly plans are trustee directed, so that there is no NAV or shares applicable. The portfolio may be managed by a broker or a money manager.
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