Many employers that must file Form 5500 on behalf of their employee benefit plans must also provide plan participants with a summary annual report (SAR). The SAR is a summary of the information included in the Form 5500.
Employers with plans that operate on a calendar year basis must provide the SAR by
Sept. 30, 2024. However, if the employer received an extension of time to file its Form 5500, the deadline for providing the SAR is Dec. 15, 2024.
The SAR requirement only applies to plans that must file a Form 5500. Also, self-insured welfare plans, regardless of size, are not required to provide a SAR if they are unfunded.
The DOL has released a model SAR relating to welfare plans for plan years beginning in 2023 and later. Acceptable delivery methods for the SAR include U.S. mail, in-hand delivery and electronic delivery, if certain requirements are satisfied.
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