Understanding Your Fiduciary Responsibilities Under A Group Health Plan

_MHP0267  by Jill S. Knop, CPA, Gordon Advisors, P.C.

With the October 15th deadline approaching, which is the extended due date for filing of Form 5500, it is a good time to go over the filing requirement of that form.

 

Health and welfare plans, which include health insurance, life insurance, long and short term disability insurance may have a filing requirement with the Department of Labor.

Below is an excerpt from the DOL’s publication entitled Understanding Your Fiduciary Responsibilities Under a Group Health Plan:

Plan administrators generally are required to file a Form 5500 Annual Return/Report with the Federal Government.  The Form 5500 reports information about the plan, its finances, and its operation.  This information is used by the U.S. Department of Labor, the Internal Revenue Service (IRS), other government agencies, organizations, and the public.  Participants and beneficiaries can receive a copy of the Form 5500 upon request from the plan.  Depending on the number of participants covered and plan design, there my be exemptions from the full filing requirements.  A group health plan with fewer than 100 participants that is either fully insured or self-funded (or a combination of both) does not need to file an annual report.  Plans will 100 or more participants that are fully insured or self- funded (or a combination) can file a limited report.  

If you have questions about your filing requirements, please give Certified Public Accountant, Jill S. Knop a call at 248 952 0200.

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