Section 41-13-49 - Definitions of terms used in this section and Section 41-13-51; applicability of this section and Section 41-13-51; retirement plan administrator to provide certain information to the public, plan participants and plan beneficiaries(1) As used in this section and Section 41-13-51, the following terms shall be defined as provided in this subsection: (a) "Administrator" means the person primarily responsible for the management of the retirement plan or, if no person is clearly designated, the trustee of the retirement plan who has the ultimate authority to manage the plan;(b) "Beneficiary" means a person, other than the participant, who is designated by a participant or by the retirement plan to receive a benefit under the retirement plan;(c) "Defined benefit retirement plan" means a retirement plan other than a defined contribution retirement plan;(d) "Defined contribution retirement plan" means a retirement plan that provides for an individual account for each participant and for benefits based solely upon the amount contributed to the participant's account, and any income, expenses, gains and losses credited or charged to the account and any forfeitures of accounts of other participants that may be allocated to the participant's account;(e) "Governing law" means state and local laws establishing or authorizing the creation of the retirement plan and the principal state and local laws and regulations governing the management of the retirement plan or assets of either;(f) "Nonforfeitable benefit" means an immediate or deferred benefit that arises from a participant's service, is unconditional, and is enforceable against the retirement plan;(g) "Participant" means an individual who is or has been an employee enrolled in the retirement plan and who is or may become eligible to receive or is currently receiving a benefit under the retirement plan, or whose beneficiaries are or may become eligible to receive a benefit. The term does not include an individual who is no longer an employee of the community hospital and has not accrued any nonforfeitable benefits under the retirement plan;(h) "Retirement plan" means a plan of rights and obligations that a community hospital establishes or maintains and that, by its express terms or as a result of surrounding circumstances, provides retirement income to employees;(i) "Trustee" means a person who has ultimate authority to manage a retirement plan or to invest or manage its assets.(2) This section and Section 41-13-51 apply to any defined benefit retirement plan established or maintained by a community hospital for its employees, whether the membership of the retirement plan is open or closed to new members. This section and Section 41-13-51 do not apply to any community hospital that is a member of the Public Employees' Retirement System.(3) The administrator of the retirement plan shall prepare and disseminate: (a) A summary plan description of the retirement plan;(b) A summary description of any material modification in the terms of the retirement plan and any material change in the information required to be contained in the summary plan description, to the extent the modification or change has not been integrated into an updated summary plan description;(c) An annual disclosure of financial and actuarial status; and(4) The administrator shall make available for public examination in the principal office of the administrator and in other places if necessary to make the information reasonably available to participants: (a) The governing law of the retirement plan;(b) The most recent summary plan description;(c) Summary descriptions of modifications or changes described in subsection (3)(b) of this section that have been provided to participants and beneficiaries but not yet integrated into the summary plan description;(d) The most recent annual disclosure of financial and actuarial status; and(e) The most recent annual report.(5) Upon written request by a participant, beneficiary or member of the public, the administrator shall provide a copy of any publication described in subsection (4) of this section.(6) The administrator shall furnish to each participant and to each beneficiary who is receiving benefits under the retirement plan: (a) A copy of the most recent summary plan description, along with any summary descriptions of modifications or changes described in subsection (3)(b) of this section, within three (3) months after a person becomes a participant or, in the case of a beneficiary, within three (3) months after a person first receives benefits, or, if later, within four (4) months after the retirement plan becomes subject to this section;(b) The summary description of any modifications or changes described in subsection (3)(b) of this section, within seven (7) months after the end of the fiscal year in which a modification or change has been made;(c) A copy of an updated summary plan description that integrates all modifications and changes at intervals not exceeding five (5) years; and(d) The annual report within seven (7) months after the end of each fiscal year.(7) The administrator shall provide to a participant or beneficiary a statement containing information that would permit the participant or beneficiary to estimate projected benefits reasonably, to the extent the information is regularly maintained by the retirement plan. The information shall be provided with the annual report or upon written request of the participant or beneficiary. The information need not be provided to a participant or beneficiary who is currently receiving benefits.(8) A participant who is not currently receiving benefits is entitled without charge to one (1) statement under subsection (7) of this section during any fiscal year. The administrator shall provide the statements within thirty (30) days after the participant's or beneficiary's request.Added by Laws, 2015, ch. 484, SB 2407, 9, eff. 1/1/2016.