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