Form 5500 is due seven months after the plan year has ended. In order to be granted an extension, the Employer/Plan Sponsor must send the IRS a Form 5558 for each ERISA plan subject to Form…
EBC Insights
IRS Issues Updated Guidance on High Deductible Health Plans and Expenses Related to COVID-19
The Internal Revenue Service (IRS) issued Notice 2023-37 on June 23, 2023, regarding high deductible health plans (HDHPs) and expenses related to COVID-19.
Understanding Claim Substantiation
Someone makes a purchase using funds from their health reimbursement arrangement (HRA) or flexible spending account (FSA). Then, they get a request asking for proof that the purchase is eligible. Why do we ask for documentation? The short answer…
5500 Filing Season is in Full Swing!
July is a busy time of year for Form 5500 filings. All plans that are subject to ERISA and meet certain participation size requirements are required to file Form 5500 seven months after the end of the plan year. For calendar year plans (and short plan years ending...
Lifestyle Spending Accounts: Beyond Traditional Benefits
Over the last few years, employment conditions have been tumultuous to say the least. Even among the recent wave of layoffs that have drawn media attention, the unemployment rate sits at the…
The COVID-19 Outbreak Period Is Ending. Now What?
COVID-19 relief for group health plans has been winding down over the last couple of years, and one of the last parts to expire is the outbreak period deadline extensions, which are set to end in relationship…
Open enrollment is over. Now what?
With open enrollment season in the rear-view mirror for most employers, benefits are out of sight and mind for most people until next open enrollment season. Employers often focus on benefit promotion immediately leading up to and during open enrollment.
HSA Trends and Strategies to Guide Financial Well-being
The unparalleled flexibility of a health savings account (HSA) has proven to be a popular benefit choice, with the total number of open HSAs increasing nearly five times over the last 10 years alone.
ERISA Compliance: What, Who, When, and Why of Wrap Plans
When it comes to Employee Retirement Income Security Act (ERISA) compliance, employers and benefit consultants often ask us questions about plan document and summary plan description (SPD)…
Maximizing Benefit Accounts: Year-End Checklist
With open enrollment season quickly approaching, it’s important to help your employees stay on top of their benefits with some timely reminders. There are several ways employees can maximize their benefits…