Step 1 – Participant Information

The participant or beneficiary may request plan information from the trustee or Plan Administrator at any time. As Plan Administrator, you are required to provide the information within 30 days, unless there is a justifiable reason for the delay. The participant may request:

  • Copies of the financial reports (e.g., Form 5500, audit reports, SAR).
  • Copies of plan documents (e.g., adoption agreement, plan document, SPD, SMM).
  • A participant statement. This statement need only be given once a year (no later than 60 days after the request), but it must include the participant’s accrued benefit and vested percentage or how much longer the participant must work to become vested. The Program issues statements on a quarterly basis and the statement includes the participant’s vested percentage, which is based on the information you provide to the Program (e.g., date of hire, termination, rehire, etc.).
  • Participant Disclosures including glossary of investment terms – Plan-related and investment-related disclosure materials mandated by ERISA 404a-5. The Program can assist you with this requirement.

Step 2 – Send Information to Participant

Upon receiving a request in writing from the participant or beneficiary, you must provide the information within 30 days (60 days for the personal statement), unless there is a justifiable reason for the delay.