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General Rule: Generally, the safe harbor notice must be provided within a reasonable period before the beginning of the plan year. The timing requirement is deemed to be satisfied if the notice is provided at least 30 days (and not more than 90 days) before the beginning of each plan year.

Each year, the plan administrator of a plan that is not exempt from filing a Form 5500 must provide a summary annual report (SAR) to the participants within nine months after the end of the plan year.

Employers must distribute the SAR to each plan participant covered under the plan during the applicable plan year, including COBRA participants and terminated employees who were covered under the plan. For instance, the Form 5500 (and the associated SAR) filed in 2019 pertain the to the plan offered in 2018.

The SAR is required to be distributed within two months of the 5500's due date. If the DOL requests a copy of the SAR to review during an audit and it is not available, the DOL can impose a penalty of $161 per day. The SAR does not have to be translated into a foreign language in its entirety.

The Employee Retirement Income Security Act (ERISA) requires plan administrators to give to participants and beneficiaries a Summary Plan Description (SPD) describing their rights, benefits, and responsibilities under the plan in understandable language. The SPD includes such information as: Name and type of plan.

Which employers must distribute the SAR? Employers who sponsored health plans with 100 or more enrollees on the first day of the 2019 plan year were required to file a Form 5500 in 2020. Employers who filed a Form 5500 must also distribute the SAR, which is a summary of the Form 5500.

The 404a-5 notice discloses certain plan expenses (administration, individual and investment-related) to 401k participants. First required in 2012, its purpose is to help 401k participants make informed plan choices.

The quarterly fee disclosure provides the dollar amount actually charged to the participant's account during the preceding quarter. The quarterly fee disclosure may be distributed as part of the quarterly participant benefit statements which are required for participant-directed plans.

Defined Benefit Plan rules require that employers provide a meaningful benefit to at least 40% of nonexcludable employees. However, the requirement is capped at 50 employees. Additionally, if there are fewer than three employees, all employees must receive a meaningful benefit.

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King Washington Notice of Annual Report of Employee Benefits Plans

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What notices are required for 401k plans?

Are summary annual reports required for defined benefit plans?

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When must summary annual reports be distributed?

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