The Form 5500 Filing Mandate for 100+ Participant Plans
Employers sponsoring group health plans with 100 or more participants on the first day of the plan year must file Form 5500 with the Department of Labor. Late filing penalties can exceed $2,500 per day under federal statute. We provide the complete submission timetable and schedule attachments.
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Summary Plan Descriptions (SPDs) and Wrap Documents
Many employers mistakenly believe the insurance carrier's benefits booklet satisfies federal SPD requirements. We explain why a separate ERISA Wrap Document is legally necessary to bundle disparate insurance contracts into a compliant single welfare benefit plan.
Fiduciary Duty of Prudence Under ERISA Section 404
Corporate officers serving as plan fiduciaries are personally liable for mismanagement of plan assets. We review best practices for annual pharmacy benefit manager (PBM) contract reviews and broker commission disclosures.