H&W: Advance Copies of Form 5500 for 2013 Plan Year

The Department of Labor (DOL) released an advance copy of the 2013 Form 5500 with schedules, instructions and a related news release.

Welfare plans should note that they must include a new attachment labeled “Form M-1 Compliance Information.” Form M-1 reports compliance by multiple employer welfare arrangements (MEWAs). The new attachment must be filed even if the plan is not subject to the Form M-1 filing requirement.  This includes plans that are not MEWAs as well as plans that are MEWAs but are not required to file an M-1 because of a filing exemption. See the Compliancedashboard reference material for more information on MEWAs.

Private sector employers must file a Form 5500 with the DOL for any health or welfare plan that had 100 or more employee participants at the beginning of the plan year.  Penalties for failing to file the Form 5500 are substantial and may go up to $1,100 per day per occurrence.

If you or your adviser indicated that you had 100 or more employee participants in a health or welfare plan during Compliancedashboard set-up, you will receive a reminder to complete the Form 5500 activity prior to the deadline.

In addition, please note that all welfare plans that are MEWAs are required to file a Form M-1 and must file a Form 5500 REGARDLESS OF PLAN SIZE AND FUNDING.  This includes Schedule G, Part III relating to nonexempt transaction.  However, plans with few than 100 participants are not required to file Schedule I.