Are the instructions and the 5304 form required to be given to the EXISTING paricipants as part of the annual notification or is it only the actual Model Notification Form?

You do not have to distribute the model form provided a Summary Description is provided at the same time as the other 60-day notices. Cleary, absent guidance, it wd be wise to simple distribute the model forms. See Form 5304-SIMPLE, page 6, first column.

And provided to existing participants that are eligible to participate for the period to which the notices relate. Terminated employees wd not get any notices.