• ERISA requires that plan administrators give participants adequate information about their retirement plans.

The Employee Retirement Income Security Act of 1974 (ERISA) requires employers to maintain a funding vehicle for certain plans and indicates permitted types of funding vehicles. It also places limitations on the types of personnel who can manage plans and the plan assets; and indicates when such personnel may be compensated for work on the plan.

Plan administrators must give participants certain facts in writing about their retirement and health benefit plans. These facts must include plan rules, financial information, and documents on the operation and management of the plan. Some of the facts must be provided regularly and automatically by the plan administrator. Others can be made available upon request, free-of-charge or for copying fees. The request should be made in writing.

Summary annual report (SAR)

The administrator of any employee benefit plan must each year provide a summary annual report (SAR) that confirms the requirements (except as otherwise provided in Paragraph G) of 29 CFR 2520.104b-1 to each participant of the plan and to each beneficiary receiving benefits under the plan (other than beneficiaries under a welfare plan). The administrator must provide the SAR in accordance with the requirements of 2520.104b-1.

This is a summary of the annual financial report that most plans must file with the Department of Labor (DOL) on the Form 5500. The summary annual report is provided at no cost. To learn more about the plan assets, participants may ask the plan administrator for a copy of the annual report in its entirety.