South Carolina REPORTING AND DISCLOSURE REQUIREMENTS UNDER ERICA are the legal requirements imposed by the Employee Retirement Income Security Act (ERICA) on employers who sponsor employee benefit plans. These requirements include filing annual reports, providing plan participants with certain information and documents, and meeting certain notification requirements. Generally, employers must file Form 5500, the Annual Return/Report of Employee Benefit Plan, and provide summary plan descriptions, annual funding notices, and blackout notices. The specific South Carolina REPORTING AND DISCLOSURE REQUIREMENTS UNDER ERICA include: • Form 5500: This is the annual return/report of employee benefit plan that must be filed with the US Department of Labor on behalf of employee benefit plans. • Summary Plan Description: Employers must provide each plan participant with a summary plan description that outlines the features of the plan and the rights and obligations of the participants. • Annual Funding Notice: Employers must provide a notice to plan participants each year that outlines the funding status of the plan. • Blackout Notices: Employers must provide a notice to plan participants prior to any blackout period in which participants are not allowed to make changes to their accounts. • Notifications: Employers must provide plan participants with certain notifications regarding eligibility, coverage, and rights under the plan.
South Carolina REPORTING AND DISCLOSURE REQUIREMENTS UNDER ERISA
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§ 41-35-120(2)(b). ?Substandard performance due to inefficiency, inability, or incapacity,? is "a claimant's failure to perform to the satisfaction of the employer where such failure was beyond the claimant's control, had no harmful intent or was a good faith error in judgment or discretion." S.C.
Form 5500 is a required annual disclosure filing for every ERISA-governed pension plan, welfare plan, and direct filing entity.
"Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one or two lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a
ERISA requires a formal written plan document, a summary plan description (SPD), and a summary of benefits & coverage (SBC). Each of these requirements is discussed in more detail below. A formal plan document is required for every ERISA plan.
Federal law (ERISA) requires that employers provide certain documents relating to their employee benefit plans to the people who are covered by the plans.
For most plans, your employer must give you plan disclosure documents explaining eligibility, contributions, vesting and other plan provisions. Employers (for example, those with 401(k) plans) are generally required to provide you a Summary Plan Description (SPD) within 90 days of when you become a plan participant.
Ongoing ERISA Requirements Adherence to Plan Document: Ensure the plan management continuously adheres to the plan document's terms.Annual Participant Fee Disclosure: All plan-eligible employees, terminated employees, and beneficiaries with an account balance must receive a participant fee disclosure every 12 months.