 | Helping you navigate Form 5500 & ERISA compliance.Large or small, self-insured or fully-insured, many employers sponsoring health, welfare and retirement benefits have Form 5500 and other obligations under ERISA and nearly a dozen related laws. Companies short on time and staff or who are unaware of these obligations run the risk of DOL & IRS penalties. Outsourcing this task to a firm that understands how to comply with each law and who has technology tools to automate compliance, is intelligent business.  |
News
March 18, 2012
Five Costly Health-Care Compliance Slips
Smaller companies without a substantial, experienced human-resources team may risk overlooking some fundamental requirements for complying with health-care-related laws and regulations. The firms might get away with such an oversight for a while, but more and more small companies are being randomly selected for an audit; and the fines are very costly.READ MORE
FAQ
Q: I forgot to file my Form 5500 that was recently due. Can I file late and avoid trouble, using a "reasonable cause" letter?
A: Informal IRS/DOL guidance & most practitioners say that reasonable cause letters stopped being accepted when the Department of Labor introduced their Delinquent Filer Voluntary Compliance Program (“DFVCP”) several years ago.The DFVCP is designed to encourage voluntary compliance with the annual reporting requirements of ERISA & gives delinquent plan administrators a way to avoid potentially higher civil penalties and pay considerably lower fines by satisfying the program’s requirements. The voluntary fines are a reduced amount ($10 per day for noncompliance, up to a maximum of $2,000 per year, with a $4,000 cap)If you file a late form without DFVCP, then you lose DFVCP eligibility and you are left in the position of negotiating penalties with the DOL or IRS when audited ($300 per day, per plan, up to $30,000 per year, per plan)To learn more about this special program and your particular situation, visit the “Contact Us” section of our website.READ MORE
" I have been very impressed with the level of due diligence that ABV incorporates in their business practices. Since working with ABV, they’ve built trust and assurance that our clients’ compliance needs are being met. It’s their intense combination of due diligence and attention to detail that generates a level of responsiveness that my clients respect and appreciate."
Andy Vetor, Employee Benefits Producer
MJ Insurance
Indianapolis, Indiana