On July 21, 2016, a proposed rule was published by federal regulators that seeks to modernize and improve the Form 5500 annual return/report that is filed by employee benefit plans. In general, the changes are expected to apply for plan years beginning on or after Jan. 1, 2019.
The proposal would eliminate the current filing exemption for small group health plans.
Small group health plans that are fully insured would be required to provide only basic information.
The new Schedule J would report information about group health plan operations and compliance.
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