interim valuation - do ALL participants need statements?

I've got a calendar-year pooled 401k/PS plan where the trustee has asked for an interim valuation because the assets have (of course) dropped by a significant percentage since 12/31/21 and participants with a significant total of the plan's assets are looking to take a distribution.  I've already gone over the pros and cons, the "if you do it when it's down, you should make sure you consider doing it when it's up" speech, etc.

My Q is... obviously, the terminated participants who are looking for a distribution should get updated statements to reflect the updated amounts that are going to be distributed to them.  But what about the active participants (who are not eligible for a termination distribution)?  Is there any reason to give them statements as of 5/31/22 that show this ~20% drop in value?  Since it's not EOY, do they need to get this interim valuation statement?  The plan allows no ISWs or hardships (except RMDs, which wouldn't be affected by this interim valuation).  Thanks.

Among other possibilities:

If a participant dies, what distribution might a surviving spouse or other designated beneficiary be entitled to?

Which valuation would the plan’s administrator use to determine the beneficiary’s right or the plan’s obligation?

If a participant quits her job after the intra-year valuation is available (and before the close of the year), which valuation would determine such a participant’s after-severance distribution?

In all instances, it's determined as of the end of the year of separation, even in cases of death, disability, or retirement.  So the people who are being paid now separated in 2021 (or before).  Anyone who left now would have their balance determined as of 12/31/22 - it's coded as anniversary date, not valuation date.  So I think this interim val date will have no effect on anyone currently active... other than to show them that their account balance is tumbling just like pretty much everyone else's.

Then the interim valuation is a non-event for them. Whether there is a legal obligation to provide the statement - I don't know but I think not. However, if there are any other pre-2022 separations who have not requested distributions, I think they need to get statements too.

Assuming the plan document and applicable law permits the interim valuation, I would provide everyone with statements to let them know that their accounts had been revalued based on a special interim valuation. I would explain to them why that was permitted under the plan document, etc. There are lots of reasons for this, e.g. employees and former employees may talk to each other and you don't want them to imagine things that the two groups were treated differently. Also, the separateds above the cashout limit might not want to take distributions if they see the new values are, so you want to send everyone their statements before you process their distribution elections. Also, the continuing employees may think twice about quitting once they see their reduced balances. Always dial in the law of unintended consequences.