Practical HR Tips, News & Advice. Updated Daily.
Two major plan sponsor organizations urged the U.S. Department of Labor (DOL) to withdraw the revisions it proposed to the Form 5500 reporting requirements for group health and retirement plans.
By Jane Meacham The U.S. Department of Labor (DOL) on July 11 issued a notice of proposed revisions and other guidance outlining several changes to Form 5500 aimed at keeping annual reporting by employee benefit plans in line with technical, legal, and regulatory changes.
by Brandon Long It’s rumored that President Ronald Reagan once referred to the Employee Retirement Income Security Act of 1974 (ERISA) as “Every Ridiculous Idea Since Adam.” ERISA serves important purposes in our society, but it also presents tremendous challenges and potential liabilities for good-intentioned employers that merely want to provide nice benefits to their […]
It’s been busy recently for the federal government when it comes to implementing various health reform requirements. Here’s an overview of new guidance issued the week of Feb. 25-March 1 on health insurer fees, market reforms, the Small Business Health Options Program, multiple employer welfare arrangement regulation and information reporting. Self-insured Health Plans Exempt from […]
Government efforts to bring 403(b) retirement plans up to regulatory par with 401(k) plans has resulted in a rough transition for 403(b) plan sponsors, and in recognition of that fact, an ERISA advisory council gave the U.S. Department of Labor (DOL) five recommendations to help ease the compliance burden. Background Over the years, many 403(b) […]
Advance copies of the 2011 Form 5500 annual return/report and related instructions are now available for your viewing pleasure — the issuing federal agencies note the forms are for “informational purposes” only, so don’t use them to get a head start on your filing responsibilities. The advance copies were jointly issued by the U.S. Department […]
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 […]
If you file the Form 5500, you know what an odious exercise that can be. And you’d better get it right. Not only is the Department of Labor’s Employee Benefits Security Administration (EBSA) examining the form you file — so is the IRS. The DOL wants the forms to be complete and accurate, of course, […]