On June 21, 2018, the Department of Labor issued a final regulation (29 CFR 2510.3-5) which will allow smaller employers to provide health care coverage for their employees at a lower cost. These programs are called Association Health Plans (AHPs) and can begin operations as early as Sept. 1, 2018.
As “Fiduciary Responsibility” increasingly gains the public’s attention, plan sponsors must become more aware of their own responsibilities that are established by the Employee Retirement Income Security Act (ERISA). Here are some questions that plan sponsors need to consider as they re-evaluate the responsibilities their positions entail.
It’s useful to bear in mind that a benefit plan is considered a separate entity from your business. A quality audit helps you carry out your company’s responsibility to file a comprehensive and accurate annual return for each plan each calendar year.
The IRS recently released a draft of Form 5500-SUP (Annual Return of Employee Benefit Plan Supplemental Information). This new paper-only form will be required for the 2015 filing season, and is aimed at those who do not file electronically—for example, those filing Form 5500-EZ. However, the IRS’ announcement of this form states that the IRS […]