Leaderboard

Wrong on 5500 or 5558? Either way, I think you’re okay as long as the EIN and PN are correct.

This is why you don't wait until 7/30 to send them. Do it in June. If you get the 5500's filed by 7/31, great. Just don't check the box. Larry Starr (an OG poster here) used to send out his 5558's in January. (At least I think it was him. If not, someone here did that)

We have them contact their insurance agent.

You need to contact your employer/former employer.

https://www.asppa-net.org/news/2021/8/irs-plans-retroactively-adopted-after-end-plan-year-have-no-2020-form-5500-filing/

self-certification appears nowhere in the statutory language, but the IRS included it in FS-2024-19 https://www.irs.gov/newsroom/disaster-relief-frequent-asked-questions-retirement-plans-and-iras-under-the-secure-20-act-of-2022 See Q&A 11 Q11. May a plan sponsor or plan administrator rely on a participant’s reasonable representations that the participant is a qualified individual? A11. A plan sponsor or plan administrator is permitted to rely on a participant’s reasonable representations that the participant is a qualified individual who qualifies for this special treatment for distributions and loans, unless the plan administrator (or other responsible person) with respect to the qualified employer plan has actual knowledge to the contrary.

Many employers like a self-certification regime when the consequence of a false statement is only that a participant uses one’s own resources. But an employer might dislike a self-certification regime when the consequence of a false statement is that a worker gets the employer’s money. And for employers that prefer a matching contribution over a nonelective contribution, letting a worker get a matching contribution without meeting its conditions might partly defeat one or more purposes about why the employer prefers a matching contribution. That might be why some employers are considering using intermediaries or software to get some comfort that a worker likely made student-loan payments.

RBG and all others down there - keeping our fingers crossed for you! My cousin lives in Sarasota, and Helene left 3 feet of water in his house, and he was luckier than many. It doesn't sound good for this one. Be safe!!!

First issue is to make sure you're not inadvertently creating a potential MEWA situation. So you'll want to confirm that A and B are in the same §414 controlled group (that should sound familiar from your retirement side work). Second issue is to notify carriers/stop-loss, update the wrap docs, and coordinate with ACA reporting vendor. Here's an overview of those first two issues: https://www.newfront.com/blog/adding-a-new-ein-to-the-health-plan 2024 Newfront M&A for H&W Employee Benefits Guide Third issue is to address the class-based structure. There's a number of considerations there that may vary based on fully insured vs. self-insured. You'll have to deal with the §105(h) rules if it's self-insured. The main considerations are: Clearly Communicate Class Distinctions in Plan Materials; Confirm Class Distinctions with Insurance Carriers/Stop-Loss; and Structure the Approach to Comply with Applicable Nondiscrimination Rules. Here's a overview of the third issue: https://www.newfront.com/blog/designing-health-plans-with-different-strategies 2024 Compliance Considerations for Self-Insured Plans Guide

Yeah ICHRA requires a (mostly interesting/fun) shift in many ways thinking. One is that the ICHRA itself is the group health plan. More importantly for these purposes, it's a non-excepted group health plan subject to the HIPAA portability rules, including special enrollment rights. The underlying individual policy is not an ERISA plan and not connected to the employer in any way. With that in mind--when an employee loses eligibility for the ICHRA (from termination of employment in this case), it's a HIPAA special enrollment event for the spouse in the same manner as if the employee had lost a traditional employer-sponsored group major medical plan. That event gives the spouse the right to enroll the employee and spouse in the spouse's plan. The underlying policy is irrelevant here. More details: https://www.newfront.com/blog/hipaa-special-enrollment-events-2 Even with traditional employer-sponsored group major medical plans we have an issue of how to substantiate the loss of coverage since the end of HIPAA certificates of creditable coverage back in 2014. The most useful is usually a letter from the employer showing the period of coverage. In this case it would be the period of ICHRA coverage. More details: https://www.newfront.com/blog/documenting-prior-coverage-after-hipaa-certs-2 Here's a slide summary: 2024 Newfront HIPAA Training for Employers Guide

Note that IRC section 4972 imposes a 10% excise tax on nondeductible contributions.