The general responsibilities of a Plan Administrator for a tax qualified employee retirement plan, as set forth by ERISA (Employee Retirement Security Act), include providing plan participants with the following information and documents. The documents and information need to be provided within time lines set forth by ERISA:
- Summary Plan Document (SPD)
- Summary of Materials Modifications (SMM)
- Individual Benefit Statement
- Summary Annual Report (SAR)
- Blackout period notices
The general responsibilities of a Plan Administrator also include timely filing of required government reports and forms with the Federal Government, such as the Form 5500 Annual Return/Report.
Additionally, the Plan Administrator overseas or assists with the timely deposit of participants’ contributions to the plan; and loans and distributions from the plan.