Home Affordable Care Act Form 5500 Gets A Makeover: Find Out What Has Changed

Form 5500 Gets A Makeover: Find Out What Has Changed

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by Robert Sheen

Form 5500 is getting a makeover. The forms are under the Employee Retirement Income Security Act of (ERISA), will now require more information to complete from plan sponsors. While the mission here appears to be fluid data mining and maintaining a stricter compliance under the Affordable Care Act, these new proposed changes can very well affect employers and plan sponsors in ways that weren’t expected.

While the new forms will mainly pertain to plans starting at the top of 2019, the extensive detail of information required could be a gateway to possible litigation if information is not correct. While a significant change of note includes how either self-funded or fully insured (or both) plans with under 100 participants must be reported and are no longer exempt during filing, other Schedules have undergone some big changes. Here is a brief breakdown:

-Schedule E has returned, the field specifying Employee Stock Ownership Plans (ESOPs).

-Schedule G has now been updated to include further information, including all financial transactions and any that were denied, as well loan information.

-Schedule H has been expanded to include further information on investments and individual retirement plans.

-Schedule J has changed to reflect information on a variety of information including COBRA and other types of plans, group plans, as well as contributions and claims information.

While the changes appear simple enough, the information to be provided can lead to legal ramifications down the road if the numbers don’t add up.

We’re committed to helping companies reduce risk, avoid penalties, and achieve 100% ACA compliance. For questions about the ACA contact us here.

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