Summary Annual Report (SAR)

A summary annual report (SAR) is basically a summary of the information filed with Form 5500. The plan administrator is required to furnish annually to each Participant or Beneficiary receiving benefits a Summary Annual Report. Regulations specifically give instructions for the content, style, and format of SAR's and even provide prototype formats to be reproduced for pension and welfare benefit plans. These reports should be provided within 9 months of the end of the plan year.

An unfunded welfare plan is exempted. Therefore, most fully insured plans and even self-insured plans that pay claims out of a general account are not required to distribute an SAR. For most companies that means they are required to distribute an SAR only for their retirement plans.