Significant Changes Proposed for Form 5500

guidelines_shutterstock_155045228The DOL, IRS and PBGC have proposed significant changes to the Form 5500 Annual Return/Report series, affecting group health plans of all sizes but small group health plans (fewer than 100 participants) previously exempt from filing must also be aware of these changes.   According to the DOL Fact Sheet, the changes are proposed to improve:

  • The reliability and transparency of benefit plan financial information reported
  • The collection of data on a large sector of the health plan market made up of ERISA group health plans, including certain currently exempt small group health plans.
  • Data mining and analysis capabilities
  • Reporting on Form 5500 Schedule C, allowing improved evaluation of service arrangements involving investments, recordkeeping and other administrative services.
  • Compliance with ERISA and the Code

These proposed changes are targeted to take effect for plan years beginning on or after January 1, 2019.

We encourage employers, especially those with currently exempt small group health plans, to monitor these proposed regulations and consider how the suggested changes may affect them, if finalized.

To view the proposed regulations, click here. Comments on these proposed rules are due by October 4, 2016.

If you need additional assistance on filing Form 5500 or understanding the impact these proposed changes may have on your organization, visit AssuredPartners NL Employee Benefits.

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