401k summary annual report cover letter sample

Summary Annual Report for the Duke Faculty and Staff Retirement Plan

In compliance with the Employee Retirement Income Security Act (ERISA), Duke is providing all plan participants and beneficiaries with a Summary Annual Report for the Duke University Faculty and Staff Retirement Plan.

You are receiving this notice because you had an account balance in the Duke University Faculty and Staff Retirement Plan or you were eligible to participate in this plan as of December 31, 2022.

This notice contains important information about the plan and your rights under ERISA, which should be read and retained for future reference. Duke reserves the right at any time to change, amend or terminate any benefit plan or program, or the eligibility under the plan.

This is a summary of the annual report for Duke University Faculty and Staff Retirement Plan (Employer Identification Number 56-0532129, Plan Number 001) for the plan year January 1, 2022 through December 31, 2022 . The annual report has been filed with the Employee Benefits Security Administration, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement

Benefits under the plan are provided by insurance contracts and a trust fund. Plan expenses were $423,362,885. These expenses included $3,100,569 in administrative expenses and $420,132,978 in benefits paid to participants and beneficiaries, and $129,338 in certain deemed and/or corrective distributions. A total of 65,673 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.

The value of plan assets, after subtracting liabilities of the plan, was $7,562,740,816 as of the end of the plan year, compared to $8,911,678,710 as of the beginning of the plan year. During the plan year the plan experienced a change in its net assets of -$1,348,937,894. This change 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 -$925,575,009, including employer contributions of $208,239,190, employee contributions of $203,899,651, rollover contributions of $33,133,754, and earnings from investments of -$1,370,847,604.

Your Rights to Additional Information

You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:

An accountant's report;
Financial information and information on payments to service providers;
Assets held for investment;
Insurance information, including sales commissions paid by insurance carriers;
Information regarding any common or collective trusts, pooled separate accounts, master trusts or 103-12 investment entities in which the plan participates;

To obtain a copy of the full annual report, or any part thereof, write or call the plan administrator at 705 Broad Street, Box 90502, Durham, NC 27708, or by telephone at (919) 684-5600. The charge to cover copying costs will be $0.25 per page.

You also have the right to receive from the plan administrator, on request and at no charge, a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs given above does not include a charge for the copying of these portions of the report because these portions are furnished without charge.

You also have the legally protected right to examine the annual report at the main office of the plan (Duke University, 705 Broad Street, Box 90502, Durham, NC 27708) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N-1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.

Paperwork Reduction Act Statement

According to the Paperwork Reduction Act of 1995 (Pub. L. 104-13) (PRA), no persons are required to respond to a collection of information unless such collection displays a valid Office of Management and Budget (OMB) control number. The Department notes that a Federal agency cannot conduct or sponsor a collection of information unless it is approved by OMB under the PRA, and displays a currently valid OMB control number, and the public is not required to respond to a collection of information unless it displays a currently valid OMB control number. See 44 U.S.C. 3507. Also, notwithstanding any other provisions of law, no person shall be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 44 U.S.C. 3512.

The public reporting burden for this collection of information is estimated to average less than one minute per notice (approximately 3 hours and 11 minutes per plan). Interested parties are encouraged to send comments regarding the burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden, to the U.S. Department of Labor, Office of the Chief Information Officer, Attention: Departmental Clearance Officer, 200 Constitution Avenue, N.W., Room N-1301, Washington, DC 20210 or email [email protected] and reference the OMB Control Number 1210-0040.

OMB Control Number 1210-0040 (expires 03/31/2026)

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What Is a SAR, and When Must It Be Provided?

EBIA

August 3, 2017 · 5 minute read

QUESTION: Could you explain the SAR requirement, including when it must be provided? Our company maintains a 401(k) plan, a self-insured health plan, and a cafeteria plan under which employees contribute pre-tax dollars to pay their share of premiums for the self-insured health plan and a health FSA. We treat the self-insured health plan and the health FSA as separate plans for filing Form 5500. All of our plans cover more than 100 employees.

ANSWER: A SAR is a summary annual report, and its purpose is to summarize for employees the information that appears in an ERISA plan’s Form 5500. (The Form 5500 is known as the “annual report,” which explains the name “summary annual report.”) SARs are required each year for pension plans, including 401(k) plans, and for welfare plans unless an exemption applies. The plan administrator generally must furnish SARs within nine months after the end of the plan year (which is two months after the normal due date for Form 5500s). This means that for a calendar-year plan, the SAR must be provided by September 30. If the employer has an extension for filing the Form 5500, the SAR deadline is two months after the extended Form 5500 deadline. For calendar-year plans, the extended Form 5500 deadline is normally October 15, so the extended SAR deadline would be December 15.

The required content for SARs is set out in DOL regulations (see our Checkpoint Questions of the Week on SAR content for 401(k) plans and for welfare plans ). For small ERISA pension plans (including 401(k) plans) that are taking advantage of the audit waiver provisions, DOL regulations provide model audit waiver language for the SAR (see our Checkpoint Question of the Week ).

The following SAR requirements apply to the plans you describe:

401(k) Plan. Your 401(k) plan’s SAR must be provided to each participant covered by the plan and each beneficiary receiving benefits under the plan—these are the same individuals who must receive an automatic summary plan description (SPD) (see our Checkpoint Question of the Week ). Employees who become participants covered under the plan are entitled to receive a SAR after they have satisfied the plan’s eligibility requirements, regardless of whether they elect to make deferrals, and former employees remain participants in the plan (and thus are entitled to receive an SAR) until they no longer have an account balance under the plan. An alternate payee receiving payments from the plan under a qualified domestic relations order (QDRO) is a beneficiary for this purpose.
Self-Insured Health Plan With Pre-Tax Premium Payment. A totally unfunded welfare plan (i.e., a plan that pays benefits solely from employer general assets and not through insurance, a trust, or other separate account) is not required to furnish SARs, regardless of its size. If, however, your self-insured plan is funded (even partially), then SARs must be provided to the same participants who must receive automatic SPDs—generally only participants covered under the plan, including individuals who have elected COBRA continuation coverage and those covered under a qualified medical child support order (QMCSO), but not beneficiaries such as spouses or children covered through an active employee (see our Checkpoint Question of the Week ).
Cafeteria Plan. Your cafeteria plan is not an ERISA plan, so it is not subject to the SAR requirement, but SARs may be required for the component benefits offered under your cafeteria plan (i.e., your self-insured health plan and health flexible spending arrangement (health FSA)), unless an exemption applies.
Health FSA. Your health FSA is an ERISA plan, but it probably qualifies for the SAR exemption for totally unfunded welfare plans (described above). Generally, employee contributions made by salary reduction to a health FSA are treated as benefits paid solely from employer general assets (assuming that there is no other reason to treat the health FSA as funded).

For more information, see EBIA’s 401(k) Plans manual at Section XXXI.L (“Summary Annual Reports (SARs)”); EBIA’s ERISA Compliance manual at Sections XXIII.A (“What Is a SAR?”) and XXIII.C (“Who Must Be Furnished With SARs and When?”); EBIA’s Self-Insured Health Plans manual at Section XXVIII.D (“Summary Annual Report (SAR)”); and EBIA’s Cafeteria Plans manual at Sections XXXV.B (“Cafeteria Plans and Participant Disclosures”) and XXXV.C (“Health FSA Disclosure Requirements”).

Contributing Editors: EBIA Staff.

401k summary annual report cover letter sample

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Insights and Empowerment: Making the Most of Your Summary Annual Report (SAR)

Imagine your 401K plan as an uncharted treasure island, and the Summary Annual Report (SAR) as the masterfully drawn map that can guide you to its hidden wealth. Each marking and inscription on this map, no matter how cryptic it seems, can bring you one step closer to the promised fortune.

The SAR, a legally protected right for every plan participant, is an annual snapshot of your 401k plan’s health and activity. It spans across a plan year, documenting everything from assets acquired to funding requirements. Understanding it can be akin to deciphering an ancient treasure map, but with the right compass, you’ll soon be navigating your retirement savings with ease.

However, like any journey, embarking on the adventure of understanding your SAR may stir up concerns. What if there’s not enough money? How to understand the role of the plan sponsor? What about the Form 5500? Rest assured, just like every participant’s rights is taken care of, every question and uncertainty you encounter will have an answer.

The SAR is more than just numbers and legal jargon. It’s your main office for information about your 401k plan. Whether your plan pertains to pension plans or welfare plans, or if it’s self-insured, you have the right to be informed.

At Taylor Benefits Insurance Agency , we believe in empowering you on this journey. We’re here to help decode the secrets of your SAR, transforming it from a document of complex financial terms to a powerful tool for your future. Remember, each nominal copying charge or details about copying costs listed in your SAR is a breadcrumb leading to a deeper understanding of your 401k plan.

Just as every successful treasure hunt begins with studying the map, let’s embark on your 401k journey by unlocking the insights hidden within your SAR. Contact us today, and together, we can chart a course for your prosperous future.

Decoding the Language: What is a Summary Annual Report?

A. understanding the summary annual report.

Like a compass guiding a ship through the financial seas, a summary annual report (SAR) is a pivotal document that steers your 401k plan. Mandated by the Employee Benefits Security Administration (EBSA), this report is a condensed version of a plan’s full annual report. It provides plan participants with a clear snapshot of the financial health of their employee benefit plans .

B. The Essence of a Summary Annual Report

Under the watchful eye of the Internal Revenue Service (IRS) and EBSA, every plan administrator is required to prepare and distribute these SARs annually. Think of it as a financial health check, offering a simplified breakdown of the basic financial statement.

C. What does a SAR Consist Of?

A SAR doesn’t skimp on details. It covers everything from administrative expenses to employee contributions, disclosing valuable information like insurance contracts, benefits paid, and the state of plan assets. It is the map to the treasure trove of your 401k plan. And let’s not forget, it also includes a glimpse into the plan’s basic financial statement benefits.

The SAR is more than a mandatory requirement; it’s an opportunity for businesses and employees to gain a deeper understanding of their retirement plans. And in the vast ocean of financial planning, the SAR is your lighthouse guiding your path towards a secure retirement. Remember, in the quest for financial sec, the key is in your hands in the quest for financial securityock the insights within your plan’s summary annual report.

Note: The SAR is public and can be accessed in the public disclosure room. Exceptions apply for certain plans like the totally unfunded welfare plan and beneficiary receiving benefits.

Diving into the Details: The Components of a Summary Annual Report

A. The Financial Framework: Understanding Financial Statements in the SAR

At its heart, the summary annual report is a financial blueprint of your 401K plan. It outlines the inflow and outflow of your plan’s assets during a specific year. This includes information about employee contributions – the fuel driving your retirement vehicle, and administrative expenses – the necessary costs for the journey.

B. The Plan Statistics: Knowing Your Plan Better

Beyond the numbers, the summary annual report is also a statistical snapshot of your 401k plan. It’s like a yearly health check-up for your plan, providing you with a quick overview of benefits paid and the overall health of your plan assets. It’s like getting a pulse on your plan’s performance and can significantly inform your understanding of your 401k.

C. The Fine Print: SAR vs. Full Annual Report

It’s crucial to distinguish the summary annual report from the full annual report. While the SAR offers a succinct summary, the full annual report is the unabridged edition, with more granular details. However, don’t be overwhelmed. Consider the SAR as your compass and the full annual report as the detailed map of your 401k plan’s journey.

D. Navigating the Regulations: Role of EBSA and Plan Administrator

The SAR is not just a document; it’s an outcome of regulations set by the Employee Benefits Security Administration (EBSA) to ensure transparency and protect the rights of plan participants. The plan administrator, like a captain of the ship, oversees and ensures the accurate preparation and distribution of this report.

In essence, your Summary Annual Report is a comprehensive tool, providing insights and empowering you to make informed decisions about your 401k plan.

The Laws of the Land: ERISA and Summary Annual Reports

A. erisa: the guardian angel of employee benefits.

The Employee Retirement Income Security Act (ERISA), like a vigilant guardian, ensures that all plan administrators meet certain standards to protect employee benefits , including retirement assets. Within this protective ambit, ERISA reports stand as pillars of transparency and accountability, delivering a clear picture of your 401K plan’s health.

B. The ERISA-Mandated SAR: A Glimpse into Your 401K Plan

Under ERISA’s watchful eyes, the Summary Annual Report (SAR) provides a condensed version of the plan’s financial status. It’s the movie trailer to your full-length film employee welfare benefit plan . This ERISA-mandated report captures key elements of your 401K’s tale, including plan assets, employer contributions, and plan expenses.

C. The SAR Checklist: Requirements Under ERISA

The SAR isn’t just a summary; it’s an ERISA-compliant document with specific requirements. It must contain basic financial information, a note on the right to receive the full annual report, and a statement of the plan’s obligations under the Employee Welfare Benefit Plan. It’s like a treasure map, following the compass of ERISA regulations, leading you to an understanding of your retirement benefits.

D. The Role of Plan Administrators: Navigating ERISA’s Waters

In the voyage of retirement planning, the Plan Administrator plays the role of an experienced captain, adhering to ERISA guidelines. They navigate the regulations, ensure the SAR’s accurate preparation, and deliver it to plan participants, ensuring you’re never lost in the retirement planning sea.

ERISA and the Summary Annual Reports go hand-in-hand to protect and inform employees about their retirement benefits, ensuring the journey to retirement is a smooth sailing.

Distributing Information: 401K Summary Annual Report Distribution Requirements

A. the distribution playbook: understanding the requirements.

401k Summary Annual Report Distribution Requirements might sound like a mouthful. Still, it’s really just the rulebook that Plan Administrators follow to ensure that plan participants receive the necessary financial information about their retirement plans. Imagine it as a carefully crafted recipe, followed to the dot to bake the perfect pie of information for you.

B. The ERISA Compass: Guiding Distribution Efforts

The distribution process adheres to the guidelines set out by ERISA. The Plan Administrator must distribute the Summary Annual Report (SAR) to all plan participants annually. It’s a bit like your yearly physical check-up but for your 401K plan’s health.

C. Timing Matters: The Importance of Schedule

Timing, they say, is everything. In line with this, the SAR must be distributed within nine months after the plan year’s end, or two months after the due date for filing the plan’s annual report. Late distribution can be akin to a missed train, disrupting your journey towards understanding your retirement savings.

D. Asset Allocation: How Your Contributions Are Utilized

The SAR provides a snapshot of the plan assets, revealing how your and your employer contributions are being used. It’s like getting a transparent retirement savings plan report card showing how well it’s performing.

By breaking down the 401K Summary Annual Report distribution requirements, we can see the crucial role of timely and accurate dissemination of these reports. They not only ensure compliance with ERISA but also empower plan participants with essential financial information about their retirement plans.

Employee Empowerment: Leveraging Your Summary Annual Report

The Summary Annual Report (SAR) is not just a mandatory document; it’s a powerful tool that, when understood, can enhance employees’ grasp of their 401k plan. Think of it as the roadmap of your retirement journey, guiding you towards a secure financial future.

One of the key features of the SAR is the Summary Plan Description. This is the blueprint of your employee benefit plan, detailing all its features. Just like understanding the ingredients in a recipe, knowing your plan’s components can help you maximize its benefits whether you have a small group plan or a large group coverage.

Complying with the Paperwork Reduction Act, the SAR is presented in a user-friendly format, with financial data condensed into digestible chunks. This is akin to receiving a summarized bank statement, making it easy to understand where your money is going.

In your SAR, you’ll find an Accountant’s Report, a professional review of your plan’s financial statements. This is the watchdog of your retirement savings, ensuring everything is in order.

For plans that include Separately Maintained Funds, like Pooled Separate Accounts, your SAR will detail how these assets are managed. This is like having a spotlight on your investments, illuminating how they’re performing.

Crucial information about the Plan Year, Electronic Distribution practices, Total Premiums Paid, and details about Insurance Carriers can also be found in your SAR. These provide critical insights into your plan’s operation and administration, almost like a behind-the-scenes tour of your retirement savings plan.

Lastly, the SAR includes information about Minimum Funding Standards. If the plan does not have enough money to meet these standards, it can be a red flag, just like a car’s check-engine light.

In essence, your SAR is more than just a document; it’s an empowerment tool. Like a trusted GPS, it can help guide your retirement savings to their destination.

A Word from the Wise: 401K Eligibility and Match Announcement Letters

Unlocking the door to financial security often starts with two important letters: the 401k eligibility letter to employees and the 401k match announcement letter to employees. Picture these as personal invitations to a highly exclusive club, one that promises long-term financial well-being.

A 401k eligibility letter is akin to the ticket that confirms your seat on a retirement-bound express. It outlines the specifics about how to join your employer’s 401k plan, letting you know you’ve been welcomed into the fold of retirement savers. The details about Separately Maintained Fund or any Common or Collective Trusts in your plan, if applicable, may be found in these letters, shedding light on the vehicle driving your future financial health.

The 401k match announcement letter, on the other hand, is a bonus offer – it’s like finding out your ticket includes a free upgrade. Your employer uses this to announce their contribution match for your 401k plan. Understanding this can help ensure you’re not leaving any free money on the table.

These letters are also an excellent time to remind employees about the Minimum Funding Standards. It’s a way to reassure that there’s enough money in the plan, the equivalent of checking your vehicle’s fuel before a long journey.

While Sales Commissions Paid and Insurance Information may not be directly referenced in these letters, they’re components of the broader 401k landscape employees should be aware of. It’s like knowing the toll charges and potential hazards on your route to retirement.

In essence, these letters are crucial navigational tools, ensuring employees are not just passengers, but active drivers on their journey towards retirement.

Final Words

A Word from the Wise 401K Eligibility and Match Announcement Letters

In our journey through the maze of the Summary Annual Report, we’ve shed light on its many facets. From unveiling its composition and importance, to diving into ERISA’s mandate, and recognizing the significance of its timely distribution. We’ve provided practical tips for employees to make the most of their reports, and highlighted the value of 401k eligibility and match announcement letters.

Understanding your Summary Annual Report is not merely about comprehending a document. It’s about turning insights into empowerment, learning how to read the financial compass of your future. It’s about standing at the helm of your 401K ship, navigating the currents of today’s choices towards the horizon of a secure retirement.

Remember, your 401K is more than just a retirement plan; it’s a lifeboat in the vast ocean of your future financial security. The Summary Annual Report is the navigation chart that guides you through this vast ocean. Unfurl your chart, embrace the voyage and let the insights guide your path to a prosperous retirement.

At Taylor Benefits Insurance Agency, we are dedicated to helping you turn this map into a journey of empowerment. We offer you our expertise and commitment as your faithful crew in this journey. Reach out to us today , and together, let’s chart the course towards your secure and comfortable retirement.

Written by Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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401(k) Participant Disclosures - What Employers Need to Know

July 2, 2024

As an employer, staying compliant with 401(k) participant disclosure rules isn't just a regulatory obligation—it's essential to keeping your employees informed about their plan’s benefits and safeguarding your company from potential penalties. Imagine facing IRS sanctions or even plan disqualification simply because of missed deadlines or overlooked details in your 401(k) disclosures. The good news? These consequences are easy to avoid with the right knowledge and support.

The Employee Retirement Income Security Act (ERISA) mandates specific participant disclosure requirements for 401(k) plans to ensure participants have the information they need to make informed decisions about their account. These requirements can seem daunting to employers given the number of mandatory disclosures – not to mention their various deadlines. In truth, they can be straightforward to manage with the right knowledge and support.

Below is a summary of the various participant disclosures that could apply to a 401(k) plan, along with guidelines for their distribution. If you are responsible for your company’s 401(k) plan, this information can help you ensure your plan’s participant disclosure requirements are met. If you have further questions, your 401(k) provider should be able to help.

Participant Disclosures That Apply to All 401(k) Plans

All 401(k) plans have participant disclosure requirements. Below is a summary of the participant disclosures that apply to all 401(k) plans, regardless of their features.


	Describes a participant’s rights, benefits, and responsibilities under the plan in understandable language.	Plan participants must receive a SPD within 90 days of the date they become . Plan participants must receive an updated SPD every five years if there have been any material changes. If no material changes have occurred, participants receive an update every 10 years.
	Describes certain information reported by the year’s Form 5500.	Plan participants must receive a SAR within 9 months after the end of the plan year, or two months after the Form 5500’s filing deadline (if later).
	Describes the participant’s total and vested account balance as of the last day of the statement period, the value of each investment. Plans with participant-directed accounts must also describe the amount of fees deducted from the participant’s account during the statement period.	Plans with participant-directed accounts – participants must receive a statement quarterly, within 45 days after the end of the quarter. Plans that prohibit participant direction – participants must receive a statement annually.

401(k) Features that Trigger Additional Disclosures

401(k) plans with certain features must distribute additional disclosures to participants. Below is a summary of the feature-based disclosures that could apply. These disclosures are typically distributed at the same time when more than one applies.


Describes the that may be deducted from participant accounts and the past performance, benchmark performance, and fees of each investment option.	Plan allows participants to direct the investment of their account.	Initial notice – plan participants must receive within 90 days of the date they can first direct their investments. Annual notice - plan participants must receive an updated notice within 14 months of the date they received their last notice.
Describes the plan’s features, including employer contributions and vesting schedules.	Plan is designed to meet .	Initial notice – plan participants must receive within 90 days of the date they become . Annual notice - plan participants must receive 30-90 days before the start of each new plan year.
Describes the plan’s automatic enrollment feature, including a participant’s right to make their own deferral election.	Plan includes an feature.
Describes the QDIA, including the circumstances under which participants may be defaulted into the fund.	Plan’s default fund meets .

401(k) Events that Trigger Additional Disclosures

401(k) plans must notify participants when certain events occur. Below is a summary of the event-based disclosures that could apply.


Describes the changes to the plan and SPD information.	SPD must be updated to reflect a plan change.	Plan participants must receive a SMM within 210 days after the end of the plan year in which the change is adopted. An updated SPD can be distributed in place of the SMM.
Notifies plan participants about an upcoming change to the fees that may be deducted from participant accounts.	Fee Notice must be updated to reflect a fee change.	Plan participants must receive 30-90 days before the fee change takes effect. An updated fee notice can be distributed instead
Notifies plan participants about an upcoming change to the plan’s investment menu.	Fee Notice must be updated to reflect an investment change.
Notifies plan participants about an upcoming “blackout.” A blackout is 3 or more business days in which participants won’t be able to direct assets, or .	A blackout is necessary (most often due to 401(k) provider change).	Participants must receive 30-60 days prior to the blackout. If circumstances make this timing impossible, the notice should be distributed as soon as possible.

Disclosures That Must Be Distributed Upon Request

401(k) plan participants have the right to receive certain plan information upon request – including latest SPD, the latest Form 5500 filing, any collective bargaining agreement that covers the plan, the trust agreement, a contract, or other instruments under which the plan is established or operated.

A participant must receive this information no later than 30 days after a written request.
A reasonable fee can be charged to the participant making the request. A reasonable charge would be the lesser of $0.25 per page or the actual cost per page using the least expensive means of acceptable reproduction.

Acceptable Methods for Distributing Participant Disclosures

It is always acceptable to distribute participant disclosures in paper form – either by distributing copies at a company meeting or by mailing them to each employee’s last known address. Posting a required disclosure in a break room or other common area is not acceptable.

Participant disclosures may also be distributed electronically if certain requirements are met .

Don’t Be Confused! Your 401(k) Provider Can Help

Failing to distribute required disclosures to your 401(k) plan participants can lead to severe consequences, including IRS sanctions and plan disqualification . However, with the help of a qualified 401(k) provider, you can ensure all requirements are met efficiently and correctly. Providers prepare necessary documents, guide you on deadlines, and keep your plan compliant with the latest regulations.

Take action now by reviewing your current disclosure process and partnering with an experienced provider. Regular check-ins with your provider can help you stay on top of disclosure requirements and avoid any potential issues.

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Plan Information

The Employee Retirement Income Security Act (ERISA) requires plan administrators – the people who run plans – to give plan participants in writing the most important facts they need to know about their retirement plans including plan rules, financial information, and documents on the operation and management of the plan. Some of these facts must be provided to participants regularly and automatically by the plan administrator. Others are available upon request, free-of-charge, or for copying fees. The request should be made in writing.

One of the most important documents participants are entitled to receive automatically when becoming a participant of an ERISA-covered retirement plan or a beneficiary receiving benefits under such a plan, is a summary of the plan, called the summary plan description or SPD. The plan administrator is legally obligated to provide to participants, free of charge, the SPD. The summary plan description is an important document that tells participants what the plan provides and how it operates. It provides information on when an employee can begin to participate in the plan, how service and benefits are calculated, when benefits becomes vested, when and in what form benefits are paid, and how to file a claim for benefits. If a plan is changed, participants must be informed, either through a revised summary plan description, or in a separate document, called a summary of material modifications, which also must be given to participants free of charge.

In addition to the summary plan description, the plan administrator must automatically give participants a copy of the plan's summary annual report each year. This is a summary of the annual financial report that most plans must file with the Department of Labor. These reports are filed on government forms called the Form 5500. The summary annual report is available 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.

If participants are unable to get the annual report from the plan administrator, they may be able to obtain a copy by writing to the U.S. Department of Labor, EBSA, Public Disclosure Room, Room N-1513, 200 Constitution Ave NW, Washington, DC 20210, for a nominal copying charge. Participants should provide their name, address, and phone number to enable EBSA to contact them to follow up on their request. Or they can speak to a benefits advisor by visiting the Employee Benefits Security Administration’s website at www.dol.gov/agencies/ebsa/about-ebsa/ask-a-question/ask-ebsa . Or calling toll-free: 1-866-444-3272.

Webpages on this Topic

Consumer Information on Retirement Plans - Provides fact sheets, booklets, and other retirement plan information from the Department's Employee Benefits Security Administration (EBSA).

Compliance Assistance - Provides publications and other materials to assist employers and employee benefit plan practitioners in understanding and complying with the requirements of ERISA as it applies to the administration of employee pension and welfare benefit plans.

ERISA Filing Acceptance System (EFAST2) - EFAST2 is an all-electronic system designed by the Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation to simplify and expedite the submission, receipt, and processing of the Form 5500 and Form 5500-SF.

Filing a Claim for Your Retirement Benefits - Explains the steps you may take to file a claim and what to do if you are denied benefits.

How to Obtain Employee Benefit Plan Documents from the Department of Labor - Describes the documents and materials available through the EBSA public disclosure room and how you can obtain the documents from them.

Ten Warning Signs that Your 401(k) Contributions are being Misused (PDF)

FAQs on EFAST2 Electronic Filing System - Provides answers to commonly asked questions about the EFAST2 system.

Retirement and Health Care Coverage: Questions and Answers for Dislocated Workers - Provides answers to commonly asked questions from dislocated workers about their retirement and health plan benefits.

Troubleshooter's Guide to Filing the ERISA Annual Report (Form 5500) (PDF) - Provides information about the changes in reporting under EFAST and how to avoid errors most commonly made by filers.

What You Should Know About Your Retirement Plan (PDF) - Provides information to help answer many of the most common questions about retirement plans.

Your Employer's Bankruptcy: How Will it Affect Your Employee Benefit? - Focuses on bankruptcy's effect on retirement plans and group health plans.

Blue Ridge ESOP Associates Industry News

What exactly is the summary annual report and what do i do with it.

Posted by Ray Mazurowski

Sep 8, 2017 2:00:00 PM

The Department of Labor (DOL) states that the SAR must be distributed within nine months after the close of the plan year, which is two months after the Form 5500 is due. For example if you have a calendar plan year end (December 31 st ), the Form 5500 with no extensions is due July 31 st and the SAR must be distributed by September 30 th . If an extension has been filed to extend the due date for the Form 5500 to October 15 th , the SAR is then due within 2 months after the close of the period for which the extension was granted - December 15 th , in this example.

The SAR must include a basic financial statement which states plan expenses, the value of the plan’s assets, amount of plan contributions and a section outlining a participant’s rights to additional information. Typically, it is a one-page document. The SAR is not just a document for ESOPs; it is used for all qualified pension plans.

The delivery of the SAR can be done in a variety of different ways:

Distributing the SAR at the participant’s worksite by handing them a hard copy
Distributing the SAR along with the participant’s annual statement
Including the SAR as a special insert inside a company newsletter or some other kind of publication
Mail via USPS to the participant’s place of residence
Send electronically, but the participant must have consented to receive documentation electronically first. Participants will still have the right to request a paper copy. As a service for our ESOPConnection Users, we post the current and all prior SARs we generated for your plan

Please contact your Blue Ridge Administrator if you have any questions.

Topics: Form 5500 , DOL , Summary Annual Report

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Erisa compliance for the summary annual report (sar).

July 19, 2021

The SAR fulfills the disclosure requirement of ERISA. (The 5500 fulfills the reporting requirement.)
Active employees
Former employees enrolled via COBRA
Former employees who were enrolled during the plan year who are not enrolled in COBRA
The DOL provides a template to be used. The main attributes to convey are the name of the plan and plan sponsor, the benefits provided under the plan, the carrier names, basics on the financials, the participant’s rights, and how to obtain copies of the 5500.
The SAR is not required for self-insured only plans like those for just the healthcare flexible spending account.
If the SAR was not distributed on time or at all, the DOL expects the SAR to be distributed as soon as the plan sponsor realizes the oversite. [The SAR is required to be distributed within two months of the 5500’s due date].
If the DOL requests a copy of the SAR to review during an audit and it is not available, the DOL can impose a penalty of $161 per day.
The SAR does not have to be translated into a foreign language in its entirety. The SAR must include a paragraph offering assistance in the non-English language of the participants. The actual assistance in understanding the SAR may be provided orally or in-person and need not be written.
In 2019, two additional paragraphs were mandated to be included in the SAR to outline the Paperwork Reduction Act.
DOL regulations require the plan sponsor to be prepared to prove that it furnished one in a way that was “reasonably calculated to ensure actual receipt,” using a method “likely to result in full distribution.”
Website Retention . Covered documents must remain on the intranet until superseded by a subsequent version, but in no event for less than one year.
For participants with work-related computer access, electronic distribution can be used without the plan sponsor receiving prior consent to send via electronically.
For participants without work-related computer access, Plan administrators can issue the SAR via first class mail or handing out in person. Electronic distribution is also an option if the participant affirmatively consents and provides an email address.

Sources on electronic distribution: Cornell Law and the Federal Register .

For any questions or the need for additional information, feel free to reach out to Ann McAdam at [email protected] .

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Retirement Planning

What an Employer Must Reveal About a 401(k)

Plan participants are entitled to extensive, detailed information

Any employer who offers a 401(k) retirement plan is required to provide each plan participant, free of charge, copies of the summary plan description, the summary annual report , and an annual statement of the participant's account.

In addition, every participant has the legal right to request, in writing, a host of other information about the 401(k), its sponsors, and its management.

While a prospectus is not required, many 401(k) providers issue a prospectus of every fund offered in the plan. There is also a legal requirement to provide a prospectus on the employer's own stock if it is offered in its plan.

Key Takeaways

While a prospectus is not required, many 401(k) providers issue a prospectus of every fund offered in the plan.
A summary plan description is necessary for any retirement plan covered by the Employee Retirement Income Security Act.
The summary of benefits and coverage uses plain language to summarize key features of the plan, including benefits and coverage limitations.

Summary Plan Description

The summary plan description, or SPD, is a document that provides plan participants with "the most important facts they need to know about their retirement plans including plan rules, financial information, and documents on the operation and management of the plan," according to the U.S. Department of Labor (DOL) .

The SPD is required for any retirement plan covered by the Employee Retirement Income Security Act (ERISA) . The plan provider must disclose employee eligibility requirements, how benefits are calculated, vesting schedules, and details on how to file claims for benefits. If a 401(k) plan changes, the employer is required to provide all participants with a summary of material modifications detailing the changes and how they affect the plan.

Summary Annual Report

Summary annual reports are filed with the DOL and include financial information about the 401(k) plan's assets. These reports are often called "5500 reports" because they are filed on government Form 5500 .

Every participant has the legal right to request a host of information about the 401(k), its sponsors, and its management.

Additional Information

Plans also must provide a summary of benefits and coverage (SBC) that uses clear, plain language to summarize covered benefits, cost-sharing provisions, and coverage limitations, among other details. Plans and issuers must provide the SBC to participants and beneficiaries at certain times, including with written application materials, at renewal, upon special enrollment, and upon request.

Upon written request to the plan administrator, every employee also has the legal right to the following:

Another copy of the SPD, the summary annual report, or a full copy of the annual report.
Copies of all documents filed by the 401(k) plan with the Department of Labor, including insurance contracts, collective bargaining agreements, and plan descriptions.
A complete list of the employer and employee organizations sponsoring the 401(k) plan, including addresses. The plan administrator has the right to charge a reasonable amount for copies of this information.

If the employer opts to automatically enroll its employees in a 401(k) plan, the employer is further required to provide a description of the automatic enrollment process and participants' rights.

Recourse for Lack of Information

If a plan participant is unable to obtain any of the required information from the plan administrator, the participant may call the Employee Benefits Security Administration at (866) 444-3272 or contact online to request a call from a benefits advisor. Participants should provide their name, address, and phone number for EBSA to follow up on the request. The DOL also provides an online Form 5500 search tool .

Participants should provide their name, address, and phone number for EBSA to follow up on the request.

The Bottom Line

Information backing up a 401(k) retirement plan changes frequently and is too important to ignore. The information is freely available if participants know what they are entitled to see and how to ask for it.

U.S. Department of Labor. " Meeting Your Fiduciary Responsibilities ." Pages 6, 9-10.

Internal Revenue Service. " A Plan Sponsor's Responsibilities ."

U.S. Department of Labor. " Plan Information ."

Code of Federal Regulations. “ 29 CFR § 2550.404a-5 Fiduciary Requirements for Disclosure in Participant-Directed Individual Account Plans .”

U.S. Department of Labor. " Final Rule to Improve Transparency of Fees and Expenses to Workers in 401(k)-Type Retirement Plans ."

U.S. Department of Labor. “ Reporting and Disclosure Guide for Employee Benefit Plans .” Pages 2-16.

U.S. Department of Labor. " 401(k) Plans for Small Business ." Pages 3, 9-12.

U.S. Department of Labor. " Ask EBSA ."

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401(k) Summary Plan Description: Basics, Requirements, and Compliance

What is the 401(k) Summary Plan Description (SPD)?

The Summary Plan Description (SPD) is one of the important 401(k) plan documents that provides plan participants (and their beneficiaries) with the most important details of their benefit plan, like eligibility requirements or participation dates, benefit calculations, plan management instructions, and general member responsibilities.

That’s the basic definition, but there’s a lot more that you need to know about the SPD for successful benefits administration . We’ve covered it all below:

What’s required in the SPD?
Reporting Changes to the Retirement Plan
SPD Distribution Schedule

ERISA Compliance and Fees

The SPD from the Participant’s Perspective

The 401(k) SPD in More Detail:

The SPD is one of the most important documents associated with your retirement benefit plan. As a summary of the adoption agreement or plan document for your plan, the SPD must contain all the information relevant to plan participants.

From the plan participant’s perspective, the 401(k) Summary Plan Document is the go-to document for quick, yet thorough and descriptive information about their 401(k) benefit plan. Almost all basic questions an employee might have about the function and management of their plan should be answered in the SPD – in plain, non-technical language.

Note: The SPD is not to be confused with the Summary Annual Report, or SAR. Though they are both required by ERISA to be distributed to all 401(k) plan participants, the SAR The is a summary of the IRS Form 5500, not the 401(k) Plan Document or Adoption Agreement.

Here is some of the most important required information in a 401(k) SPD:

Information Required in a 401(k) SPD:

A brief description of the plan type and citations of the associated governing law.
Explanation of how the plan will be administered, including the yearly schedule for the plan (such as document distribution dates or filing deadlines), and the contact information of the plan administrator or sponsors.
Information on where to find full copies of 401(k) plan documents .
Eligibility and participation rules (or dates).
How to file documents relating to use or management of the 401(k).
How to appeal a denial of benefits.
Benefit calculations and situations resulting in loss of benefits, including disability, death, or termination of employment.
Profit-sharing rules and information
Changes to 401(k) benefits, the rules, or the funding requirements.
Tax considerations related to the distribution of benefits.
Member responsibilities for their retirement benefit plan.
401(k) plan contribution sources and the methods used to calculate contributions.
An explanation of withdrawals and loans and any rules related to these.
When and in what form retirement benefits are paid.
When retirement benefits become vested.
Where to find employee plan benefit details like 401(k) account balance.
Alternative investment options and fees for defined contribution plans detailed in the plan provisions.
Information on plan fiduciaries and their roles/responsibilities.
Information on plan flexibility options like rollover contributions.
A disclaimer that should there be any conflict in plan details, the plan document is always the prevailing document.
Statement of rights available to 401(k) plan participants under ERISA.

The SPD for a 401(k) retirement plan is generally between 10-20 pages, though this will vary depending on your plan and business.

Want the full (and we mean full ) list of SPD requirements? Check out the Department of Labor’s full list of Summary Plan Description Requirements .

Alterations, Amendments, and Changes to the SPD

The SPD is created to match the 401(k) Plan Document (or Adoption Agreement), and should always reflect the most recent version of the retirement plan that is put into practice. If any amendments are made to the plan, ERISA requires that the participants are duly notified. To accomplish this, 401(k) plan administrators have two options: to distribute a new SPD, or to hand out a Summary of Material Modifications.

A new 401(k) SPD is pretty straightforward, after all, we just went over details of SPDs, so let’s briefly touch on SMMs:

The Summary of Material Modifications (SMM) is a short document specifically for reporting any change in the plan that materially affects the plan design or pricing or impacts the participant. SMMs can be attached to the current 401(k) SPD as a sort of amendment or addendum, rather than requiring the creation and distribution of whole new SPD.

Distribution of the SPD

Employee Retirement Income Security Act (ERISA) mandates that employees receive timely and reasonable information about their retirement benefits. The Department of Labor (DoL) takes this seriously, and may fine retirement plans that fail to comply with the deadlines for distribution that they have laid out. Reports of unreceived SPDs or SMMS are red flags that can bring a DoL auditor to your door.

It won’t surprise you that the creation and distribution of 401(k) benefit plan information must adhere to a relatively strict schedule for reporting, which we’ve detailed below:

## Summary Plan Description Distribution Schedule
	Initial Notice	Requested SPD	Change to the Plan
SPD -The Summary Plan Description	The SPD must be sent to the participant and their beneficiaries within 90 days of enrollment in retirement benefit plan.	The SPD must be furnished to the requester within 30 days of a request for a new copy.	SPD’s or SMMs must be distributed to 401(k) plan participants and beneficiaries within 120 days of the effective date for the new plan.

Can The SPD be Distributed Electronically?

Yes! In general, retirement plan documents that ERISA requires you to provide to plan members can be distributed electronically – including the 401(k) SPD. This does come with a few caveats, most of which will be almost automatically covered if you’ve chosen a standard delivery system like email:

The plan administrator has to ensure (to a reasonable degree) that the system of distribution will result in plan members actually receiving the 401(k) plan materials.
The plan administrator must make sure that the system of distribution adequately protects the participant’s account and retirement benefit information.
The electronic documents should meet the same requirements for style, format, and content as any physical plan documents.
If not otherwise evident, the significance of the electronic plan document must be communicated to participants and beneficiaries.
Participants, beneficiaries, or other individuals must be provided with a physical copy of the retirement plan document upon request.

The SPD should be available in the office at any time and online (on a team site or employee benefits platform – if applicable). To make sure you don’t face any unexpected compliance issues, be certain that whenever changes or amendments are made to the retirement plan, those changes are reflected in the SPD (or added in an SMM) across all platforms and distribution channels.

You likely know that ERISA was put in place largely to protect employees and their retirement benefit plan interests. Because of this, federal law mandates both the creation and timely distribution of important benefit plan documents. Failing to furnish those 401(k) documents in a reasonable timeframe is treated seriously, and some hefty fines could be incurred as a result.

Fee increases in 2016 (to adjust for inflation) mean that you may be paying more than you expected. Failure to provide the 401(k) plan documents (which includes the summary plan description and any summaries of material modification) can result in fees of $147/day – with a maximum of $1,472 per request.

In addition to these fees, problems like missing SPDs or SMMs are significant red flags and could bring about a U.S. Department of Labor 401(k) audit . Careful management of any benefit plan is critical for avoiding the stresses and fines associated with a DoL audit. In this instance, that begins with ensuring your SPD is descriptive and accurate, and correctly following the SPD distribution and modification schedule.

Without a fiduciary, any compliance issues are the financial responsibility of the plan administrator or plan trustees.

What’s the most important thing about the SPD for employees?

Normally the SPD is one of those “hiring paperwork” packets that gets skimmed and tucked (or thrown) away and pretty much never looked at until a moment of “wait, whoops, what were the terms of my 401(k)…”

The SPD is a document employees should thoroughly familiarize themselves with. For employees to make the most of their benefits, they need to understand the details of those benefits. The SPD will tell them everything they need to know about their 401(k) plan .

Here some of the most important and useful details found in the SPD:

When employees are eligible to participate in the retirement plan.
Employee contribution rates and how they are calculated.
How to apply for hardship withdrawals and interest rate calculations for loans.
Withdrawal procedures at retirement.
Employee rights as specified in the Employee Retirement Income Security Act (ERISA).
Contact information for the plan sponsor, administrator, and plan trustees.
Plan Identification Number (used for reviewing filings with the DoL or IRS).
Employer-matching contribution vesting schedules.
How to file a suit and who to contact if 401(k) plan rules are broken.

The SPD is just one of the many documents to juggle in the everyday management of your employee retirement benefits, but it is an important one. Incorrectly distributing or updating your SPD can mean major fines, but it’s not all about avoiding a fine. Successful SPD coordination can mean employees who are informed, educated, and excited about their retirement benefits. What business doesn’t want that?

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401(k) Resource Guide - Plan Participants - Summary Plan Description

A Simple Guide to 401(k) Participant Disclosures

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When it comes to 401(k) plans, plan sponsors have a fiduciary responsibility to distribute a variety of documents and disclosure notices. Imposing this responsibility on plan sponsors helps ensure that participants have the necessary information about the plan provisions and investment options in order to make informed and timely decisions for their personal financial wellness. Since the intricacies and responsibilities relating to disclosure notices can seem daunting for a plan sponsor , some qualified 401(k) providers supply the mandated notices for the plan sponsor to distribute. However, given that not all 401(k) providers offer the same quality of compliance services, it is in the plan sponsor ’s best interests to understand the extent of support that is covered with the provider’s ongoing administration. Plan sponsors can further minimize their fiduciary liability and administrative burden by delegating responsibilities to a 3(16) fiduciary . In this arrangement, the 3(16) fiduciary accepts the responsibility and fiduciary liability for some or all of the day-to-day administrative functions.

So, what are these disclosures and when should they be made available? The table below outlines the general annual notices and deadlines for distribution. Financial advisors and plan sponsors should always work with qualified plan consultants to ensure that the plan is meeting all compliance regulations that pertain to their specific plan. There are other notices that may be required depending on the specifics of the 401(k) plan . It’s important to stay on top of these required notices to avoid penalties and to ensure that employees have up-to-date information to make informed investment choices.


Summary of a plan’s provisions (eligibility, contributions, vesting, distributions, plan contact information).	Within 90 days of eligibility
) Financial snapshot and summary of the 5500.	Calendar Plan Year: 9/30 (12/15 with 5500 filing deadline extension) Non-calendar-year plans: 2 months following the deadline for filing Form 5500
Discloses plan fees for all covered service providers and provides plan investment information. Plan investments must report expense ratios as well as performance information.	Within 90 days of an employee becoming eligible for a plan All participants receive within 14 months of the date that they received the previous notice
For safe harbor plans – discloses the plan’s contribution formula (matching or non-elective), withdrawal/vesting provisions, and other key information about the plan.	At least 30 days (and not more than 90 days) before the beginning of each plan year.
– – – For plans with automatic contribution arrangements – informs eligible employees of the plan’s automatic contribution rates, increases, employee rights, and how to make contribution/investment changes.	At least 30 days (and not more than 90 days) before the beginning of each plan year.
Describes the plan’s default investment and when contributions would be invested in the plan’s default investment.	At least 30 days (and not more than 90 days) before the beginning of each plan year.

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Employers Must Distribute Summary Annual Reports (SAR) to Participants

November 4, 2019 • by Emerald Law in Compliance

Summary Annual Report

Employers who filed a Health and Welfare Form 5500 (“Form 5500”) must distribute the Summary Annual Report (“SAR”) to plan participants within 9 months after the plan year, or 2 months after they file a Form 5500 (if the employer was granted a filing extension).

Compliance Snapshot :

Employers with calendar year plans must distribute the SAR to participants by September 30, 2019, or December 15, 2019, if they were granted a filing extension (most Sequoia clients file on extension).
Employers with non-calendar year plans must distribute the SAR within 9 months of the end of the plan year, or 2 months after filing the Form 5500, if they were granted a filing extension.
This year, employers must distribute the SAR to participants covered under the 2018 plan year, which may include COBRA participants and employees who have been terminated.
Employers can distribute the SAR through in-person hand delivery, U.S. mail, or electronic delivery (but must comply with electronic distribution rules).

Which employers must distribute the SAR?

Employers who filed a Form 5500 must distribute the SAR, which is a summary of the Form 5500, to plan participants for the corresponding plan year. Employers who sponsored health plans with 100 or more enrollees on the first day of the 2018 plan year were required to file a Form 5500 in 2019. For more on Health and Welfare Form 5500s, see our blog article .

To whom do employers need to distribute the SAR?

Employers must distribute the SAR to each plan participant covered under the plan during the applicable plan year, including COBRA participants and terminated employees who were covered under the plan. For instance, the Form 5500 (and the associated SAR) filed in 2019 pertain the to the plan offered in 2018.

How can employers distribute the SAR?

Employers can distribute the SAR a variety of ways, including hand delivery, U.S. mail, or electronic delivery. Employers must follow Department of Labor electronic disclosure rules if they decide to distribute the SAR electronically, as discussed below.

Employees with “regular access” to electronic media at work : Employers can electronically deliver the SAR to employees with “regular access” to electronic media at work if they accompany the SAR with a notice that briefly describes the document, how it can be accessed, a statement that employees have the right to request a paper copy, and an explanation of the procedure for updating the employee’s email address.
Employees or individuals “without regular access to electronic media” at work (which would include terminated employees or COBRA participants): Employers cannot electronically deliver the SAR to individuals without regular access to electronic media at work unless the individual affirmatively consents to electronic distribution beforehand . Before obtaining consent, the employer must provide a statement of the types of documents that will be sent electronically, the individual’s right to withdraw consent and the procedure for doing so, the procedure for updating the individual’s email address, the individual’s right to obtain a paper copy, and a description of the necessary hardware and software requirements to access the SAR. Some employers include this consent in their offboarding or leave paperwork so that they can send terminated employees certain documents, including the SAR, electronically.

What is the deadline to distribute the SAR?

The deadline for distributing the SAR depends on whether the plan is a calendar year plan, meaning that the first day of the plan year is on January 1st, or a non-calendar year plan, meaning that the first day of the plan year is any day besides January 1st. The deadline also depends on when the employer filed their Form 5500 and whether they obtained a filing extension.

For calendar year plans , employers must distribute the SAR by September 30th, or December 15th if the employer received a filing extension.
For non-calendar year plans , employers must distribute the SAR within 9 months after the end of the plan year, or 2 months after filing the Form 5500, if the employer received a filing extension.

For Sequoia Clients :

Sequoia partners with a CPA firm who works with our clients to prepare the Form 5500. The CPA firm also provides clients with the SAR, along with distribution instructions.
Most Sequoia clients file an extension on the 5500 filing.
Sequoia clients on Sequoia Tech may have two SARs to distribute if more than 100 employees were enrolled in your Guardian or Kaiser plans. Sequoia will provide the SAR to you if this applies, along with instructions.

The information and materials on this blog are provided for informational purposes only and are not intended to constitute legal or tax advice. Information provided in this blog may not reflect the most current legal developments and may vary by jurisdiction. The content on this blog is for general informational purposes only and does not apply to any particular facts or circumstances. The use of this blog does not in any way establish an attorney-client relationship, nor should any such relationship be implied, and the contents do not constitute legal or tax advice. If you require legal or tax advice, please consult with a licensed attorney or tax professional in your jurisdiction. The contributing authors expressly disclaim all liability to any persons or entities with respect to any action or inaction based on the contents of this blog.

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