multiple participant statements?

[AlbanyConsultant]

I had a nice, relatively easy plan on a mutual fund product. But then the financial advisor had... certain employees (which is its own issue, of course, but not the problem I'm dealing with today) transfer chunks of their profit sharing balances into individual annuities in the name of the plan so they are still plan assets.

These annuities are providing quarterly statements to the participants that are in them, just like the mutual fund platform was. My question is: do I need to provide some kind of "total statement" for them on a quarterly (I don't think so) or annual (maybe) basis? All the participants who made the switch so far are fully vested by virtue of their Years of Service; I think I would be more inclined to give a combined statement if someone wasn't fully vested.

Thanks...

[Jim Chad]

I have never heard of a requirement for a combined statement. FWIW

[Bird]

You don't have to. We probably would, though...everything goes into our system and then it's just pressing another button to spit out a statement.