The Wagner Law Group
Wagner Law Group, A Professional Corporation, is a nationally
recognized ERISA & employee benefits, estate planning,
employment, labor & human resources practice.
in 1996, The Wagner Law Group has 24 attorneys engaged
exclusively in employee benefits, estate planning and
employment law. Six of our attorneys are AV rated by
Martindale-Hubbell as having very high to preeminent legal abilities
and ethical standards. The firm is among the largest ERISA boutiques
in the country. Our practice is national in scope, with clients in
more than 40 states and several foreign countries.
Wagner Law Group
Fax: (561) 293-3591
7108 Fairway Drive
Palm Beach Gardens, FL 33418
East Kennedy Boulevard
Tampa, FL 33602
Francisco, CA 94104
100 South 4th Street, Suite 550
St. Louis, MO 63102
July 21, 2016
Health and Welfare Law
Revisions to Forms 5500 Filed by Welfare Benefit Plans
The DOL, IRS and PBGC have
issued proposed regulations that significantly revise the Form 5500
reporting requirements. The revisions would eliminate the
exemption for small employer plans and introduce a new Schedule J for
group health plans.
Proposed Regulations. The proposed regulations greatly expand
the scope of information required to be reported on Form 5500 by virtually
every type of employee benefit plan, including welfare benefit
plans. Some of the proposed revisions to Form 5500 affecting
welfare benefit plans include:
all ERISA-covered welfare benefit plans that provide group
health coverage to file Forms 5500, regardless of size, whether
they are funded with a trust, unfunded, fully insured or a
combination of unfunded/insured.
Currently, fully insured and unfunded welfare benefit plans with
fewer than 100 participants at the beginning of the plan year (i.e.,
"small" plans) are exempt from filing Form 5500.
small welfare benefit plans that provide group health benefits
from eligibility to use Form 5500-SF.
- Adding more
information to the Form 5500 concerning plan terminations and
all small welfare benefit plan Forms 5500 to include Schedules C
(to report service provider information).
- Requiring a
new Schedule J for group health plans that, with certain
exceptions, would require:
o The number of persons
receiving COBRA coverage.
o Whether the plan offers coverage for employees,
retirees, and dependents.
o The type of group health benefits offered under the plan.
o The plan's grandfathered status.
o Whether the plan is a high-deductible health plan, health
flexible spending account plan or a health reimbursement arrangement.
o Stop loss premium, attachment point, individual claim limit,
and aggregate claim limit information.
o Employer and participant contribution information.
o Detailed claims payment data.
o Information on compliance with the Summary Plan
Description, Summary of Material Modifications, and Summary of
Benefits and Coverage content requirements.
o Information on compliance with applicable federal laws and DOL
regulations (e.g., the Affordable Care Act, HIPAA, GINA,
Takeaway for Employers. Due to the significant civil penalties
that apply to Form 5500 failures and increased scrutiny from the
agencies that will result from such failures, plan sponsors are
advised to begin reviewing the proposed Form 5500 revisions in
preparation for meeting these new reporting requirements.
However, there is no doubt that the added complexities of these
proposed reporting requirements will be met with stiff resistance
from the employee benefit community.
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