Adjust your My MBA communication settings to receive future email bulletins. Go to your Communication Preferences and opt in to marketing materials from the Group Insurance Trust.
On August 4th, 2023, the Massachusetts Bankers Association completed and filed IRS Form 5500 for banks participating in Association sponsored coverages including the Blue Cross Blue Shield of Massachusetts medical, dental, and retiree medical plans as well as the AIG business travel accident insurance. The Form 5500 is an annual report, filed with the U.S. Department of Labor (DOL) to provide the IRS and DOL with information about the plan's operation and compliance with government regulations. Attached to this bulletin you will find a copy of the Form 5500 for your files. A Summary Annual Report (SAR) is a required disclosure under the Employee Retirement Income Security Act (ERISA) which summarizes the information reported on the Form 5500. The SAR provides participants with a summary of the plan's financial status. Participants are also informed of their right to receive a copy of the Form 5500 if requested from you, the employer. The SAR must be distributed to each participant and covered beneficiaries no later than two months following the Form 5500 filing. Form 5500 for Plan Year 2022 Summary Annual Report for Plan Year 2022 Employers can distribute the SAR through in-person hand delivery, U.S. mail, or electronic delivery (subject to electronic distribution rules).