What is a Summary Annual Report?

To comply with their ERISA requirements, all plan administrators are required to provide, in writing, a summary annual report that includes the most important facts participants need to know about their retirement and health benefit plans. Such information may include the latest updated SPD, any SMMs, the latest Form 5500, and other documents. The plan administrator also must make copies available for examination at its principal office.

• When a participant enrolls in or becomes a beneficiary of an ERISA-covered retirement or health benefit plan, they are automatically entitled to a Summary Plan description (SPD), or a Summary of Material Modifications/Material Reduction provided free of charge by the administrator.
• In addition to the SPD, plan administrators must also provide, free of charge, a copy of the plan's annual financial report, or Form 5500. For further information on 5500s, please visit our help center page: https://help.zenefits.com/Employees/...RISA_Form_5500
• Finally, plan administrators must provide, in response to a written request, a copy of the annual report in its entirety.
• For a model of the Summary Annual Report please visit this page.