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Welfare and Pension Reports
National Summary
What do employers need to consider regarding welfare and pension reports? The Employee Retirement Income Security Act (ERISA) provides extensive reporting and disclosure and other administrative requirements for employee benefit plans. The law and regulations also provide for numerous exemptions from the various requirements. The most important ERISA disclosure requirement is the summary plan description (SPD), and the most important reporting requirement is the Form 5500 annual report.
Additional disclosure requirements apply to health plans. ERISA requires all employee benefit plans to include a claims procedure, and Department of Labor (DOL) regulations set out specific requirements for these provisions, including special requirements for health benefit plans. The Affordable Care Act (ACA) added many additional reporting, disclosure, and notice requirements for health plans and insurers, including additional internal and external appeal requirements for health insurers and group health plans. ERISA also sets out claims procedures that employee benefit plans must adopt.
There are other laws that concern employers. They must also consider the Medicare Part D prescription drug coverage provisions that impose reporting and disclosure requirements on health plans that cover Medicare-eligible individuals. Additionally, the Pension Protection Act of 2006 (PPA) added new reporting and notice requirements, including the Annual Plan Funding Notice, electronic display of annual report information, notice of freedom to divest employer securities, enhanced benefit statements, and simplified annual reporting for pension benefit plans with fewer than 25 employees.
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TypeTitleDateState
152262index.aspxQuestions & Answers Are SEP-IRAs considered a qualified ERISA plan, in other words, are they covered under ERISA?  National
152259index.aspxQuestions & Answers can we (by giving all current employees sufficient notice) change the exisiting requirements to more stringent requirements in order for employees to qualify for Employer-paid Insurance benefits? Paid Time off benefits?  National
153089tools.aspxChecklists ERISA Compliance Checklist  National
152258index.aspxQuestions & Answers Is there a list of required federal and/or state reports/filings for HR/Benefits, for example, EEO-1, Form 5500, etc.?  National
152255index.aspxQuestions & Answers Is there a minimum employer group size or are all companies mandated to provide a summary plan description? Can we use our insurance carrier's benefit booklet as a replacement?  National
159624index.aspxQuestions & Answers Is there an expansion of 5500 form requirements that will affect small employers?  National
153017tools.aspxPolicies Summary plan description policy (standard)  National
156497index.aspxAnalysis Welfare and Pension Reports  National
152257index.aspxQuestions & Answers What information is required to be included in the Summary Annual Report (SAR? Does it include the Schedule A, and the Schedule C and the Schedule F if all three were filed under the 5500?  National
152260index.aspxQuestions & Answers With reference to benefit plan summary plan descriptions is it acceptable to make copies available on the Company intranet or does each participant need to receive a paper copy?  National
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