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Employers operating self-funded healthcare plans shoulder the ultimate fiduciary responsibility when it comes to spending health plan dollars for employee medical care. The Department of Labor aims to increase enforcement of the Employee Retirement Income Security Act (ERISA) governance on the health and welfare benefit side to meet the level of 401(k) standards in the coming years, which means employers need to ensure they understand how and where their dollars are spent. On the 50th anniversary of ERISA, SmartLight Analytics looks at the self-funded employer's fiduciary responsibility under the Act with Rory Kane Akers. #ERISA #fiduciary #selffundedemployers #ERISA50 https://lnkd.in/gBczrEu9

? Form 5500 Deadline Is July 31, 2024 Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies. Employers with employee benefit plans that operate on a calendar year basis must file their annual reports for 2023 with the U.S. Department of Labor (DOL) by July 31, 2024. An employer may extend this deadline by 2.5 months (until October 15, 2024) by filing Form 5558 with the IRS by July 31, 2024. *Small welfare benefit plans (fewer than 100 covered participants) that are unfunded or fully insured (or a combination of unfunded and insured) are exempt from the Form 5500 filing requirement. ?? The DOL has the authority under ERISA to assess penalties of up to?$2,670 per day?for each day an administrator fails or refuses to file a complete Form 5500. ?? Employer Action Steps: ? Employers with calendar year plans that do not qualify for a filing exemption should work with their service providers to electronically file the Form 5500 (including required schedules and attachments) using the DOL’s EFAST2 electronic filing system by July 31, 2024. ? Employers that need extra time should file Form 5558 by July 31, 2024. Plan administrators should use a paper Form 5558, as electronic filing of Form 5558 is postponed until 2025. ?? If you have any questions or your organization needs assistance, please reach out to BeaconPath: [email protected]. #Form5500 #ERISA #Compliance #healthplan #insurance

Employers operating self-funded healthcare plans shoulder the ultimate fiduciary responsibility when it comes to spending health plan dollars for employee medical care. The Department of Labor aims to increase enforcement of the Employee Retirement Income Security Act (ERISA) governance on the health and welfare benefit side to meet the level of 401(k) standards in the coming years, which means employers need to ensure they understand how and where their dollars are spent. On the 50th anniversary of ERISA, SmartLight Analytics looks at the self-funded employer's fiduciary responsibility under the Act with Rory Kane Akers. #ERISA #fiduciary #selffundedemployers #ERISA50 https://lnkd.in/gBczrEu9

Recent lawsuits filed against the group health plans of two large US employers underscore the importance of implementing formal welfare benefit plan governance structures that include fiduciary committees comparable to the governance structures employer sponsors of retirement plans routinely adopt. The ERISA fiduciary standards that are at the heart of 401(k) plan litigation apply equally to all welfare benefit plans, but until recently, employer sponsors of welfare benefit plans seemed unfazed by the trends for 401(k) and 403(b) plans. The filing and initial skirmishes in?Lewandowski v. Johnson and Johnson?may change that complacency write Alden Bianchi, Jacob Mattison and Sarah G. Raaii in this article for The National Law Journal: https://lnkd.in/gpDBE7NT #fiduciary #fiduciaryduty #benefitplans #401k

Navigating the complexities of being an employee benefit fiduciary involves a deep understanding of legal obligations and a dedication to prioritizing the welfare of plan participants. From mitigating risk to guaranteeing compliance, their role plays a pivotal part in safeguarding the financial security of employees. Check out this insightful blog post to dive deeper into the responsibilities of fiduciaries and learn why their role holds significant importance for both employers and employees.

Check out this article we recently put out about ERISA!

Join #ACCNCR and Thompson Hine LLP for Benefit Plan Governance: What You Don’t Know Can Hurt You, July 25 // 12:30 PM-2:00 PM // Via Webcast. With the barrage of issues facing in-house counsel on a day-to-day basis, responsibility for the operation and compliance of a company’s employee benefit plans can sometimes be an afterthought or viewed as being primarily the responsibility of service providers. However, federal law imposes strict requirements on the conduct of company employees who oversee service providers and benefit plan implementation and administration. The best way to ensure compliance with these requirements is to maintain a good governance structure that both facilitates a prudent process in making decisions regarding benefit plans and ensures that sufficient details of that process are documented. As the plaintiffs’ bar and federal regulators expand their focus to health and welfare plans, while maintaining a strong focus on retirement plans, now is the time to review and, if necessary, improve your governance structures.? Join us as we share practical recommendations regarding governance of retirement and health and welfare plans, and success stories of implementation. Presented by Dominic DeMatties and Katie Burgess Kohn, partners at Thompson Hine LLP, together with Susan Walker, ERISA and Benefits Counsel at Allstate Learn more and register here: https://lnkd.in/dyAzq4TX

?? #DSHRM #Legal Update ?? “That’s a “Wrap!": What is a “Wrap Document” and Should Your #Health and Welfare Plan Have One? By Eric Gregory, Dickinson Wright PLLC Every employee #benefit plan (regardless of size) subject to the Employee Retirement Income Security Act of 1974 (#ERISA) is required to be established and maintained pursuant to a written plan document. A written plan document is also required to comply with ERISA’s reporting and disclosure standards, so that an employer can furnish a copy of the plan document to participants and on request to the Department of Labor (“DOL”) in connection with a plan audit. Read the full article as sent via email by DSHRM, and read more about Eric here: https://loom.ly/v45Wd7s #HR #HumanResources #Benefits

The concept of employee benefits dates back to the 19th century when some companies began to offer programs like pensions and health insurance as a way to attract and retain workers. This marked the beginning of employee welfare as a key aspect of employment contracts.

EBSA has reimbursed over $1.4 billion to Employee Benefit Plans, Participants, and Beneficiaries after addressing 197,000 inquiries, many of which were received through EBSA's toll-free number. The EBSA oversees ERISA-covered plans covering 153 million workers, retirees, and dependents participating in private-sector pension and welfare plans, holding an estimated $12.8 trillion in assets. Under the Biden administration, the DOL's ERISA enforcement activities and investigations have remained a high priority. As such, ERISA plan fiduciaries and service providers can expect the DOL to continue its ever-evolving enforcement program targeting both fiduciaries and nonfiduciary service providers. Often overlooked, in February 2024, the DOL published the linked fact sheet summarizing its enforcement activities and highlighting $1.4 billion in recoveries during FY 2023. In late March, President Biden signed into law a $1.2 trillion spending package that included a $191.1 million appropriation to the DOL, which will be used to fund its FY 2024 budget. #retirementplans #ERISA