Employee Benefits Blog

Form 5500 Penalty Relief Deadline Approaching for MEPs

On July 24, 2019, the Department of Labor (the “DOL”) issued Field Assistance Bulletin 2019-01 (the “Bulletin”), which provides transition relief to multiple employer plans (“MEPs”) that failed to comply with certain annual reporting requirements.  The Bulletin focuses on a Form 5500 reporting requirement added by the Cooperative and Small Employer Charity Pension Flexibility Act, […]

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MC

Contemplating a Severance Plan? Consider ERISA

A severance plan may be subject to the requirements of ERISA as an employee welfare benefit plan. The determination of whether a severance plan is subject to ERISA depends in large part on whether the plan is part of an “ongoing administrative scheme.” Severance plans subject to ERISA have certain requirements, such as the obligation […]

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KP
Former Associate

IRS: Don’t Answer All the 5500 Questions!

The 2015 Form 5500 added some new optional compliance questions for the 2015 Forms 5500 and 5500-SF. In December 2015, the IRS issued frequently asked questions on the new compliance questions and strongly encouraged plan sponsors to answer the questions. On February 18, the IRS changed course and announced that plan sponsors should not complete […]

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AM

Form 5500 Deadline is Quickly Approaching

As a reminder, the annual Form 5500 deadline is quickly approaching.  Calendar year employee benefit plans that applied for an extension must file Forms 5500 by Thursday, October 15, 2015. The Form 5500 Annual Return/Report of Employee Benefit Plan is a consolidated annual report developed by the Department of Labor (DOL), Internal Revenue Service and […]

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AM

IRS Provides Penalty Relief for Late Form 5500 Filers

Plan administrators that fail to timely file their Form 5500s can be subject to penalties under both ERISA and the Code.  The Department of Labor’s Delinquent Filer Voluntary Compliance Program (“DFVCP”) provides plan administrators with the opportunity to pay reduced Department of Labor penalties for late Form 5500 filings.  The DFVCP among other things, requires […]

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GG