Does AFN replaces SAR in a PBGC covered DB plan?

Hi

The way I have been doing every year, I prepare the AFN and also provide a mini-SAR (software does it this way).

Taking over a plan where the other TPA insists that AFN is sufficient i.e. no SAR is required and they have never provided to the plan sponsor.

Am I missing something here?

Yeah, basically the AFN is for PBGC plans while SARs are for the rest.  Different distribution timing rule, as well.

Hi Bri

Are you saying no SAR for PBGC covered plans, could not quite understand what you stated?

Yeah - everything that gets disclosed on an SAR is also covered on the AFN.  The AFN just has way more required stuff on it.

Interesting. My software's AFN does not cover some of the information on SAR like the name of the institution holding the monies.

May be other AFN's prepared thru other software do.

I will see once what was done by the other TPA once I get them.

I think our guys use Datair for them, and the audit-waiver disclosure for the qualifying plan assets looks like a supplemental section that printed at the end of the AFN.

Yes, that is what I see as well