Plan reporting rules set what gets filed and what participants receive.
The Department of Labor’s reporting and disclosure rules cover the annual Form 5500 and the documents participants are entitled to receive.
The Basics for Employers.
A plain-English summary. This is general information, not legal advice, and the rules change, so check the current text.
Form 5500
Many plans file an annual return, though some small insured or unfunded welfare plans are generally exempt.
Summary Plan Description
Participants receive a plain-language summary of the plan, and updates when it materially changes.
Annual Notices
Plans that file a Form 5500 may also owe participants a summary annual report each year.
How it plays out.
Plan reporting is the set of reports and disclosures ERISA requires. Some go to the government, such as the annual return, and some go to participants, such as the summary plan description and summaries of material modifications.
The rules attach to the plan, not the company. A company with a medical plan, a dental plan and a life plan may have several plans, each with its own filing status. Small insured welfare plans are often exempt from the annual return, while larger or self-funded plans are not.
Missing a filing can bring penalties, and the Department of Labor runs a voluntary program for late filers. Most problems are avoided by keeping a calendar of what is due for each plan.
Where This Shows Up in Your Plan.
ERISA, ACA Reporting and Form 5500 Support
How we help with the filings, notices and plan documents.
Employer Benefits Guides: Eligibility, Plan Design, Life Events and Rules
Eligibility, plan design and life-event rules in one place.
Building the calendar.
List Every Plan
Write down each welfare plan separately.
Mark Filing Status
Note which plans file an annual return.
Add Participant Notices
List the disclosures due to participants.
Set Owners
Assign each item to a person.
Mistakes to avoid.
Treating All Benefits as One Plan
Each plan has its own status.
Assuming Small Means Exempt
Size and funding both matter.
Late Notices of Changes
Material changes have to be communicated on time.
Other Rules Employers Work With.
HIPAA Privacy Rule
45 CFR Part 164
Creditable Prescription Coverage
42 CFR 423.56
Cafeteria Plans
26 U.S.C. 125
Laws and Rules Referenced
Plan Reporting (29 CFR Part 2520) — The statute or rule text from its official or public source.
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