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5500 Filing Season Heating Up

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July is a big month for Form 5500 filing. An employer that has health and welfare benefit plans that have 100 or more participants on the 1st day of the plan year will have a filing deadline seven months from the end of the plan year, which is July 31st for calendar year plans.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Form 5500 , Form 5558 , IRS , ERISA

Form 5500 Filing Tips-Who, When, What, How

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The Form 5500 is an ERISA requirement for all health and welfare plans. All private sector employers, including corporations, s corporations, LLCs, sole proprietorship, partnerships, and non-profits that sponsor insured self-insured plans subject to ERISA have a filing requirement if they are large plans with 100 or more participants in the plan as of the first date of the plan year.
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Categories: Benefits in General, Compliance | Tags: Form 5500 , IRS , EFAST2 , Wrap Plans , Health Care FSA , HRA , Insured Plans , 5500 Preparation , ERISA

ERISA Compliance: Wrap Plans and SPD Requirements

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ERISA, which is short for the Employee Retirement Income Security Act, is a set of federal laws designed to protect employees of private employers who provide pension, retirement, or profit-sharing plans; and private employers who provide insurance coverage. Wrap plans are a function of complying with ERISA’s plan document and summary plan description (SPD) requirements. Remember: Wrap plans are an easy way to create the companion ERISA language to the insurance certificates so that when dist...
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap Plans , SPD , Summary Plan Description , Plan documents , 5500 , Compliance Services
In late August, the Office of Management and Budget approved the DOL’s proposal to extend the transition period for full implementation of the new Fiduciary Rule and related prohibited transaction exemptions by 18 months—from January 1, 2018 to July 1, 2019. The DOL also issued additional FAQ guidance relating to the Fiduciary Rule.
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Categories: Compliance | Tags: fiduciary , fiduciary rule , Department of Labor , DOL , PTE , HSA , health savings accounts , arbitration , FAQ , prohibited transaction exemptions , best interest , ERISA , Internal Revenue Code
The DOL recently announced employee benefit plan compliance guidance and relief for victims of Hurricane Maria and the October 2017 California wildfires.
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Categories: Compliance | Tags: DOL , Hurricane Maria , Puerto Rico , California , wildfires , ERISA , guidance , IRS , COBRA , relief , employee benefit plans , benefit plans , benefits , victims , Form 5500 , Hurricane , Maria
The recent Mull v. Motion Picture Industry Health Plan case (No. 15-56246 (9th Cir. August 1, 2017) illustrates the importance of complying with ERISA’s Plan Document and Summary Plan Description (SPD) requirements.
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Categories: Benefits in General, Compliance | Tags: ERISA , DOL , Wrap , Plan Document , SPD , Summary Plan Description , Mull v. Motion Picture Ind. Health Plan