29 CFR § 2520.104b-10 - Summary Annual Report.
(a) Obligation to furnish. Except as otherwise provided in paragraph (g) of this section, the administrator of any employee benefit plan shall furnish annually to each participant of such plan and to each beneficiary receiving benefits under such plan (other than beneficiaries under a welfare plan) a summary annual report conforming to the requirements of this section. Such furnishing of the summary annual report shall take place in accordance with the requirements of § 2520.104b-1 of this part.
(b) [Reserved]
(c) When to furnish. Except as otherwise provided in this paragraph (c), the summary annual report required by paragraph (a) of this section shall be furnished within nine months after the close of the plan year.
(1) In the case of a welfare plan described in § 2520.104-43 of this part, such furnishing shall take place within 9 months after the close of the fiscal year of the trust or other entity which files the annual report under § 2520.104a-6 of this part.
(2) When an extension of time in which to file an annual report has been granted by the Internal Revenue Service, such furnishing shall take place within 2 months after the close of the period for which the extension was granted.
(d) Contents, style and format. Except as otherwise provided in this paragraph (d), the summary annual report furnished to participants and beneficiaries of an employee pension benefit plan pursuant to this section shall consist of a completed copy of the form prescribed in paragraph (d)(3) of this section, and the summary annual report furnished to participants and beneficiaries of an employee welfare benefit plan pursuant to this section shall consist of a completed copy of the form prescribed in paragraph (d)(4) of this section. The information used to complete the form shall be based upon information contained in the most recent annual report of the plan which is required to be filed in accordance with section 104(a)(1) of the Act.
(1) Any portion of the forms set forth in this paragraph (d) which is not applicable to the plan to which the summary annual report relates, or which would require information which is not required to be reported on the annual report of that plan, may be omitted.
(2) Where the plan administrator determines that additional explanation of any information furnished pursuant to this paragraph (d) is necessary to fairly summarize the annual report, such explanation shall be set forth following the completed form required by this paragraph (d) and shall be headed, “Additional Explanation.”
(3) Form for Summary Annual Report Relating to Pension Plans.
The value of plan assets, after subtracting liabilities of the plan, was ($ ) as of (the end of the plan year), compared to ($ ) as of (the beginning of the plan year). During the plan year the plan experienced an (increase) (decrease) in its net assets of ($ ) This (increase) (decrease) includes unrealized appreciation or depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of ($ ), including employer contributions of ($ ), employee contributions of ($ ), (gains) (losses) of ($ ), from the sale of assets, and earnings from investments of ($ ).
1. an accountant's report;
2. financial information and information on payments to service providers;
3. assets held for investment;
4. fiduciary information, including non-exempt transactions between the plan and parties-in-interest (that is, persons who have certain relationships with the plan);
5. loans or other obligations in default or classified as uncollectible;
6. leases in default or classified as uncollectible;
7. transactions in excess of 5 percent of the plan assets;
8. insurance information including sales commissions paid by insurance carriers;
9. information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates, and
10. actuarial information regarding the funding of the plan.
11. a Schedule DCG for plans participating in a consolidated group Form 5500 filing that includes your plan sponsor's name, EIN, plan administrator's name, EIN and telephone number, total number of participants in your plan, and basic financial information about the plan.)
12. a Schedule MEP, including name and EIN of the employers participating in the MEP, each participating employer's percentage of the total contributions (employer and employee) made by all employers participating in the MEP and, for defined contribution pension plans only, the aggregate account balance for each of the employers participating in the MEP.)
(4) Form for Summary Annual Report Relating to Welfare Plans.
The plan has (a) contract(s) with (name of insurance carrier(s)) to pay (all, certain) (state type of) claims incurred under the terms of the plan. The total premiums paid for the plan year ending (date) were ($__________).
Because (it is a) (they are) so called “experience-rated” contract(s), the premium costs are affected by, among other things, the number and size of claims. Of the total insurance premiums paid for the plan year ending (date), the premiums paid under such “experience-rated” contract(s) were ($ ) and the total of all benefit claims paid under the(se) experience-rated contract(s) during the plan year was ($ ).
The value of plan assets, after subtracting liabilities of the plan, was ($ ) as of (the end of plan year), compared to ($ ) as of (the beginning of the plan year). During the plan year the plan experienced an (increase) (decrease) in its net assets of
1. an accountant's report;
2. financial information and information on payments to service providers;
3. assets held for investment;
4. fiduciary information, including non-exempt transactions between the plan and parties-in-interest (that is, persons who have certain relationships with the plan);
5. loans or other obligations in default or classified as uncollectible;
6. leases in default or classified as uncollectible;
7. transactions in excess of 5 percent of the plan assets;
8. insurance information including sales commissions paid by insurance carriers; and
9. information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates.
(e) Foreign languages. In the case of either—
(1) A plan which covers fewer than 100 participants at the beginning of a plan year in which 25 percent or more of all plan participants are literate only in the same non-English language; or
(2) A plan which covers 100 or more participants in which 500 or more participants or 10 percent or more of all plan participants, whichever is less, are literate only in the same non-English language—
(f) Furnishing of additional documents to participants and beneficiaries. A plan administrator shall promptly comply with any request by a participant or beneficiary for additional documents made in accordance with the procedures or rights described in paragraph (d) of this section.
(g) Exemptions. Notwithstanding the provisions of this section, a summary annual report is not required to be furnished with respect to the following:
(1) A totally unfunded welfare plan described in 29 CFR 2520.104-44(b)(1)(i);
(2) A welfare plan which meets the requirements of 29 CFR 2520.104-20(b);
(3) An apprenticeship or other training plan which meets the requirements of 29 CFR 2520.104-22;
(4) A pension plan for selected employees which meets the requirements of 29 CFR 2520.104-23;
(5) A welfare plan for selected employees which meets the requirements of 29 CFR 2520.104-24;
(6) A day care center referred to in 29 CFR 2520.104-25;
(7) A dues financed welfare plan which meets the requirements of 29 CFR 2520.104-26;
(8) A dues financed pension plan which meets the requirements of 29 CFR 2520.104-27; and
(9) A plan to which title IV of the Act applies.
Table 1 to § 2520.104b-10—The Summary Annual Report (SAR) Under ERISA: A Cross-Reference to the Annual Report
SAR item | Form 5500 large plan
filer line items |
Form 5500 small plan
filer line items |
Form 5500-SF filer line items |
---|---|---|---|
A. Pension Plan: | |||
1. Funding arrangement | Form 5500-9a | Same | Not applicable. |
2. Total plan expenses | Sch. H-2j | Sch. I-2j | Line 8h. |
3. Administrative expenses | Sch. H-2i(5) | Sch. I-2h | Line 8f. |
4. Benefits paid | Sch. H-2e(4) | Sch. I-2e | Line 8d. |
5. Other expenses | Sch. H—Subtract the sum of 2e(4) & 2i(5) from 2j | Sch. I-2i | Line 8g. |
6. Total participants | Form 5500-6f | Same | Line 5b. |
7. Value of plan assets (net): | |||
a. End of plan year | Sch. H-1l [Col. (b)] | Sch. I-1c [Col. (b)] | Line 7c [Col. (b)]. |
b. Beginning of plan year | Sch. H-1l [Col. (a)] | Sch. I-1c [Col. (a)] | Line 7c [Col. (a)]. |
8. Change in net assets | Sch. H—Subtract 1l [Col. (a)] from 1l [Col. (b)] | Sch. I—Subtract 1c [Col. (a) from Col. (b)] | Line 7c—Subtract Col. (a) from Col. (b). |
9. Total income | Sch. H-2d | Sch. I-2d | Line 8c. |
a. Employer contributions | Sch. H-2a(1)(A) & 2a(2) if applicable | Sch. I-2a(1) & 2b if applicable | Line 8a(1) if applicable. |
b. Employee contributions | Sch. H-2a(1)(B) & 2a(2) if applicable | Sch. I-2a(2) & 2b if applicable | Line 8a(2) & 8a(3) if applicable. |
c. Participating employer's percentage of the total contributions (employer and employee) made by all employers participating in a MEP | Sch. MEP Line 2c | Sch. MEP Line 2c | Not applicable. |
d. Aggregate account balance of the employer participating in a defined contribution MEP (determined as the sum of the account balances of the employees of such employer (including the beneficiaries of such employees) | Sch. MEP Line 2d | Sch. MEP Line 2d | Not applicable. |
e. Gains (losses) from sale of assets | Sch. H-2b(4)(C) | Not applicable | Not applicable. |
f. Earnings from investments | Sch. H—Subtract the sum of 2a(3), 2b(4)(C) and 2c from 2d | Sch. I-2c | Line 8b. |
11. Total insurance premiums | Total of all Schs. A-6b | Total of all Schs. A-6b | Not applicable. |
12. Unpaid minimum required contribution (S-E plans) or Funding deficiency (ME plans): | |||
a. S-E Defined benefit plans | Sch. SB-39 | Same | Same. |
b. ME Defined benefit plans | Sch. MB-10 | Same | Not applicable. |
c. Defined contribution plans | Sch. R-6c, if more than zero | Same | Line 12d. |
13. Individual plan information for plans participating in a DCG reporting arrangement | Schedule DCG | Not applicable | Not applicable. |
B. Welfare Plan: | |||
1. Name of insurance carrier | All Schs. A-1(a) | Same | Not applicable. |
2. Total (experience rated and non-experienced rated) insurance premiums | All Schs. A—Sum of 9a(1) and 10a | Same | Not applicable. |
3. Experience rated premiums | All Schs. A-9a(1) | Same | Not applicable. |
4. Experience rated claims | All Schs. A-9b(4) | Same | Not applicable. |
5. Value of plan assets (net): | |||
a. End of plan year | Sch. H-1l [Col. (b)] | Sch. I-1c [Col. (b)] | Line 7c [Col. (b)]. |
b. Beginning of plan year | Sch. H-1l [Col. (a)] | Sch. I-1c [Col. (a)] | Line 7c [Col. (a)]. |
6. Change in net assets | Sch. H—Subtract 1l [Col. (a)] from 1l [Col. (b)] | Sch. I—Subtract 1c [Col. (a)] from 1c [Col. (b)] | Line 7c—Subtract [Col. (a)] from 7c [Col. (b)]. |
7. Total income | Sch. H-2d | Sch. I-2d | Line 8c. |
a. Employer contributions | Sch. H-2a(1)(A) & 2a(2) if applicable | Sch. I-2a(1) & 2b if applicable | Line 8a(1) if applicable. |
b. Employee contributions | Sch. H-2a(1)(B) & 2a(2) if applicable | Sch. I-2a(2) & 2b if applicable | Line 8a(2) if applicable. |
c. Gains (losses) from sale of assets | Sch. H-2b(4)(C) | Not applicable | Not applicable. |
d. Earnings from investments | Sch. H—Subtract the sum of 2a(3), 2b(4)(C) and 2c from 2d | Sch. I-2c | Line 8b. |
8. Total plan expenses | Sch. H-2j | Sch. I-2j | Line 8h. |
9. Administrative expenses | Sch. H-2i(5) | Sch. I-2h | Line 8f. |
10. Benefits paid | Sch. H-2e(4) | Sch. I-2e | Line 8d. |
11. Other expenses | Sch. H—Subtract the sum of 2e(4) & 2i(5) from 2j | Sch. I-2i | Line 8g. |