Contents of summary plan description, annual disclosure of financial and actuarial status, and annual report

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  6. Contents of summary plan description, annual disclosure of financial and actuarial status, and annual report

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  1. A summary plan description and a summary description of modifications or changes under Section 41-13-49(3)(b) shall be written in a manner calculated to be understood by the average participant and be accurate and sufficiently comprehensive reasonably to inform the participants and beneficiaries of their rights and obligations under the retirement plan.
  2. A summary plan description shall contain:
    1. The name of the retirement plan;
    2. The name and business address of the administrator;
    3. The name and business address of each agent for service of process;
    4. Citations to the governing law of the retirement plan;
    5. A description of the retirement plan's requirements respecting eligibility for participation and benefits;
    6. A description of the retirement plan's provisions providing for nonforfeitable benefits;
    7. A description of circumstances that may result in disqualification, ineligibility or denial or loss of benefits;
    8. A description of the benefits provided by the retirement plan, including the manner of calculating benefits and any benefits provided for spouses and survivors;
    9. The source of financing of the retirement plan;
    10. The identity of any organization through which benefits are provided;
    11. The date the fiscal year ends;
    12. The procedures to claim benefits under the retirement plan and the administrative procedures available under the retirement plan for the redress of claims that are denied in whole or in part; and
    13. Notice of the availability of additional information under Section 41-13-49(4), (5), (7) and (8).
  3. An annual disclosure of financial and actuarial status shall contain:
    1. The name of the retirement plan;
    2. The name and business address of the administrator;
    3. The name and business address of each trustee and each member of a trustee board and a brief description of how the trustee or member was selected;
    4. The name and business address of each agent for the service of process;
    5. The number of employees covered by the retirement plan;
    6. Financial statements and notes to the financial statements in conformity with generally accepted accounting principles;
    7. An opinion on the financial statements by a qualified public accountant in conformity with generally accepted auditing standards;
    8. Actuarial schedules and notes to the actuarial schedules in conformity with generally accepted actuarial principles and practices for measuring pension obligations;
    9. An opinion by a qualified actuary that the actuarial schedules are complete and accurate to the best of the actuary's knowledge, that each assumption and method used in preparing the schedules is reasonable, that the assumptions and methods in the aggregate are reasonable, and that the assumptions and methods in combination offer the actuary's best estimate of anticipated experience;
    10. A description of any material interest, other than the interest in the retirement plan itself, held by the community hospital or any employee organization representing employees covered by the retirement plan in any material transaction with the retirement plan within the last three (3) years or proposed to be effected;
    11. A description of any material interest held by any trustee, administrator or employee who is a fiduciary with respect to the investment and management of assets of the retirement plan, or by a related person, in any material transaction with the retirement plan within the last three (3) years or proposed to be effected;
    12. A schedule of the rates of return, net of total investment expense, on assets of the retirement plan overall and on assets aggregated by category over the most recent one-, three-, five- and ten-year periods, to the extent available, and the rates of return on appropriate benchmarks for assets of the retirement plan overall and for each category over each period;
    13. A schedule of the sum of total investment expense and total general administrative expense for the fiscal year expressed as a percentage of the fair value of assets of the retirement plan on the last day of the fiscal year, and an equivalent percentage for the preceding five (5) fiscal years; and
    14. A schedule of all assets held for investment purposes on the last day of the fiscal year aggregated and identified by issuer, borrower, lessor or similar party to the transaction stating, if relevant, the asset's maturity date, rate of interest, par or maturity value, number of shares, cost and fair value and identifying any asset that is in default or classified as uncollectible.
  4. An annual report shall contain:
    1. The name and business address of each trustee and each member of a trustee board;
    2. The financial statements, but not the notes, required by subsection (3)(f) of this section;
    3. The actuarial schedules, but not the notes, required by subsection (3)(h) of this section;
    4. The schedules described in subsection (3)(l) and (m) of this section;
    5. A brief description of and information about how to interpret the statements and schedules;
    6. Other material necessary to summarize fairly and accurately the annual disclosure of financial and actuarial status; and
    7. Notice of the availability of additional information under Section 41-13-49(4), (5), (7) and (8).


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