What is a Summary Annual Report (SAR)?

A Summary Annual Report (SAR) for a health plan is a document that provides a summarized overview of the plan's annual financial and operational activities. It is a requirement under the Employee Retirement Income Security Act (ERISA) for employee benefit plans, including health plans. The SAR is distributed to plan participants, beneficiaries, and certain government agencies, and it serves as a simplified version of the Form 5500 Annual Return/Report that provides participants with key financial and operational information about the health plan. The SAR includes details about plan contributions, expenses, investments, benefits paid, and any significant changes that occurred during the plan year. It helps participants understand the plan's financial health and how their contributions are being managed. The SAR is typically provided to participants within nine months after the end of the plan year.

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