cmonfils | May 1, 2012
www.myhealthguide.com
MyHealthGuide Source: Hilda L. Solis, Secretary of Labor, April 2012, DOL Full Report
Executive Summary
The Patient Protection and Affordable Care Act (the “Affordable Care Act”) (P. L. 111-148, as amended) requires the Secretary of Labor to provide Congress with an annual report containing general information on self-insured employee health benefit plans and financial information regarding employers that sponsor such plans. The report must use data from the Annual Return/Report of Employee Benefit Plan (the “Form 5500″) which many self-insured health plans are required to file annually with the Department of Labor (the “Department”). The first report was provided to Congress in March 2011. (more…)
Category: DOL, Form 5500, PPACA, Self-Funding |
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cmonfils | January 1, 2012
In the last few days, the IRS and DOL have released some important items and information regarding the Form 5500. This technical update discusses these new items and information.
One-participant plans. An employer that sponsors a one-participant plan may file a Form 5500-EZ on paper with the IRS or the Form 5500-SF electronically with the DOL. Many 5500 preparers have been reticent to recommend the use of the Form 5500-SF for their one-participant plans because the forms are publicly disclosed on the DOL website once filed. The IRS has announced in its online Employee Plans Newsletter (December 20, 2011) that, beginning on January 1, 2012, a one-participant plan filing a Form 5500-SF will not be publicly disclosed on the DOL website. By removing this impediment to electronic filing, the IRS apparently is hoping to encourage more one-participant plans to file electronically.
Category: Form 5500 |
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cmonfils | December 29, 2011
Beginning Jan. 1, 2012, Forms 5500 and 5500-SF must have electronic signatures. The consequences of filing without them are serious: it will result in a form not being processed at all, and could result in penalties being imposed on the plan.
Forms 5500 and 5500-SF that have no electronic signature will be given a filing status of “unprocessable”; forms that have an invalid electronic signature will be given the status “processing stopped.”
Category: Form 5500 |
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cmonfils | December 14, 2011
Employers and plan administrators with multiple employer welfare arrangements (MEWAs) that had not been required to file a Form 5500 for their MEWA may have to if a proposal by the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) is adopted.
Category: DOL, Form 5500 |
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cmonfils | September 26, 2011
www.dol.gov
The Department of Labor’s Employee Benefits Security Administration has updated its website with the following:
Category: DOL, Form 5500 |
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cmonfils | August 15, 2011
www.wnj.com Jennifer A. Watkins 8/9/2011
The Department of Labor (DOL) is in the process of adding hundreds of investigators to its staff. And since DOL investigators are responsible for enforcement of fiduciary, reporting and disclosure requirements for employee benefit plans, that means you had better be following the letter of the law. In 2010, the DOL conducted 3,112 civil investigations, almost 75 percent of which resulted in findings of one or more violations. (more…)
Category: DOL, Fiduciary, Form 5500 |
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cmonfils | May 16, 2011
www.ebn.benefitnews.com By Leanne Fosbre May 1, 2011
The only things certain in life are death and taxes,” Ben Franklin famously said. If you file a Form 5500 on behalf of your company’s pension or health and welfare plans, the filing deadline for calendar-year plans is July 31. There are a number of changes in store for plan years 2010 (and any years prior that have not yet been filed) that might cause you to allow more than the usual preparation time. (more…)
Category: Form 5500 |
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