These are different than Investment Statements

There are two different annual statements to distribute to Plan participants. One, the Summary Annual Report (SAR), provides information about the Plan total investments; the other provides an understanding of the participant's accrued benefit.

The SAR is not the participant's quarterly or annual investment statement of account. The SAR is a plain English statement of the information contained in the annual IRS Form 5500 and Schedules. The SAR must provide the value of the plan assets on the first and last day of the plan year, the plan expenses incurred for the plan year, and information regarding any insurance contracts held by the plan. Additionally, the SAR must notify participants that they can examine, at any time during reasonable hours, the actual annual report (Form 5500 and accompanying information), the accountant's report if any, and a list of plan transactions which involve at least 5% of plan assets or involve any "interested parties". The SAR is completed at approximately the same time as the IRS Form 5500 and should be provided to participants at that time, but no later than the due date for the IRS Form 5500 (7.5 months after the end of the plan year or 10 months if properly extended).