Employee Benefits Reporting and Disclosure Requirements: Form 5500 . . . And Beyond!
David A. Guadagnoli presented "Employee Benefits Reporting and Disclosure Requirements: Form 5500 . . . and Beyond!" at a workshop sponsored by the New England Employee Benefits Council. This hands-on session featured a look at the ever growing list of required disclosures under plans subject to ERISA, including the old mainstays – Summary Plan Descriptions (SPDs), Summary of Material Modifications (SMMs), and Summary Annual Reports (SARs) – and a wealth of new notices – qualified default investment alternative (QDIA) notices, auto enrollment (retirement plan and now group health plans) notices, safe harbor notices, and other federal health care reform related items. The speakers also reviewed the Form 5500 and EFAST2 (the on-line Form 5500 filing system), required PBGC reporting, and provided a high level overview of available IRS and DOL correction programs. Covered topics included:
- What plans are subject to ERISA? What must and should be included in a plan document?
- Which plans require Form 5500 filings, what must be filed, and when?
- A review of the 2012 Form 5500 and Schedules
- Ensuring compliance and mitigating fiduciary and audit risk – the notice and fee disclosure tsunami
- How to avoid common pitfalls