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On July 31, 2024, the Massachusetts Bankers Association completed and filed IRS Form 5500 for banks participating in Association-sponsored coverages, including Blue Cross Blue Shield of Massachusetts medical, dental, and retiree medical plans, as well as 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 is a copy of the Form 5500 for your records.
A Summary Annual Report (SAR) is a required disclosure under the Employee Retirement Income Security Act (ERISA) that summarizes the information reported on Form 5500. The SAR provides participants with a summary of the plan's financial status and informs them of their right to receive a copy of Form 5500 upon request from you, the employer.
The SAR must be distributed to each participant and covered beneficiary no later than two months following the Form 5500 filing.
Employers can distribute the SAR through in-person hand delivery, U.S. mail, or electronic delivery (subject to electronic distribution rules).
Please feel free to reach out to Chad Pook if you have any questions or concerns