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Compliance Recap July 2024 | WI Employee Benefits Agency

FORM 5500 FILING FOR HEALTH AND WELFARE PLANS The Form 5500 series is a component of the Employee Retirement Income Security Act’s (ERISA) reporting and disclosure framework. The Form is used to report information on the qualification of the plan, its financial condition, investments, and its operations. It also guarantees that participants, beneficiaries, and regulators have access … Continued

Form 5500: What You Need To Know | WI Employee Benefits Team

Attention Employers: Don’t Miss Your Form 5500 Deadline! Here’s a simplified breakdown of what you need to know about filing your employee benefit plan report: Who Needs to File? Employers subject to ERISA (Employee Retirement Income Security Act) with employee benefit plans, unless exempt. What to File? Form 5500 (annual report) for each employee benefit … Continued

Tips for Preparing Form 5500 | Wisconsin Benefits Advisors

At this time of year, many employers and benefit advisors begin preparing Form 5500, the annual report required for most employee benefit plans. Form 5500 must be filed with the federal government within seven months after the end of the plan year. For calendar-year plans, that means the plan’s 2020 Form 5500 is due August 2, … Continued

Health Plan PCORI Fees Are Due July 31 | Madison Benefit Advisors

Do you offer coverage to your employees through a self-insured group health plan? Do you sponsor a Health Reimbursement Arrangement (HRA)? If so, do you know whether your plan or HRA is subject to the annual Patient-Centered Research Outcomes Institute (PCORI) fee? This article answers frequently-asked questions about the PCORI fee, which plans are affected, … Continued

DOL Fiduciary Rule Overturned | WI Benefits Broker

In its March 15, 2018, decision, the U.S. Court of Appeals for the Fifth Circuit overturned the U.S. Department of Labor’s (DOL) Fiduciary Rule that expanded the definition of an investment advice fiduciary under the federal Employee Retirement Income Security Act (ERISA). Under the Fiduciary Rule, investment brokers were going to be required to put … Continued

Electronic Delivery of ERISA Notices | Madison Benefit Advisors

Q. Can we provide summary plan descriptions (SPDs) electronically? A. Yes. However, just sending them is not enough to meet ERISA requirements; you must ensure the intended recipients are actually getting them. Specifically, ERISA requires SPDs to be furnished using “measures reasonably calculated to ensure actual receipt of the material” via “methods likely to result … Continued

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