Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Regulation and Compliance > Federal Regulation

Summary Annual Reports Come Up For Review

Your article was successfully shared with the contacts you provided.

The Employee Benefits Security Administration is asking for comments about a common benefit plan document.

The agency, part of the U.S. Department of Labor, has started a routine review of the regulations that govern creation and distribution of summary annual reports for benefit plans.

A SAR gives plan participants and some beneficiaries basic information about a benefit plan and its financial performance. The SAR also tells participants and beneficiaries how to go about getting more information about the plan.

Federal law requires agencies to seek public comments about forms and reporting requirements every few years.

The authorization EBSA needs to require employers to distribute SARs expires May 31.

EBSA estimates 815,115 benefit plans distribute 304,196,000 SARs each year, at a total annual cost of about $142 million.

EBSA is looking for comments about whether SARs are necessary, whether the information is clear and useful, and how well the government is using technology to ease the process of creating SARs.

Comments are due April 28.

The notice about the review process is on the Web at Document Link


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.