BENEFITS COMPLIANCE CORNER

New requirements for Form 5500 filings are already in play for the upcoming July filing deadlines. At ABV Advisors, we’ve been working around the clock to serve all your compliance needs.

Stay up-to-date with us on the new changes we’re navigating in your Form 5500:

  • Administrative penalties were increased to $2,097 a day for plan administrators who fail or refuse to file a complete or accurate Form 5500 report, for penalties assessed after Jan. 13, 2017, and for associated violations that occurred after Nov. 2, 2015.
  • The IRS has dropped a series of compliance questions in the “preparer’s information” section.
  • Service providers can now sign electronic filings on the plan sponsor and Direct Filing Entity lines, in addition to signing on behalf of plan administrators.
  • There is now a field that allows filers to indicate if the plan name has changed.
  • New mortality codes have been added for use with Schedule MB.
  • PBGC-covered plans must now enter the confirmation number for the PBGC premium filing for the relevant plan year.

WHAT’S TRENDING

Last month, we attended the Spring 2018 UBA Conference and learned a ton of information in the few days we were there! It was great seeing so many new and familiar faces, and we are thrilled about the new benefits trends we are bringing back to better serve you. Our upcoming events include, X and Y. Let us know if you’d like to attend or if you plan on being there

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INNOVATION CORNER

It’s no surprise to many of us that ERISA plan documentation rules can be the trickiest and most costly, if done incorrectly. In fact, the latest industry estimates show more than three-out-of-four employers are likely out of compliance, according to Employee Benefit Adviser. Meaning, 75% of today’s businesses could face huge financial hardships and legal penalties for non-compliance. At ABV Advisors, we not only know the challenges that are affecting your health and welfare benefit plans but also work to understand your goals.

ERISA COMPLIANCE: COMMON PITFALLS

Here are the 6 most common pitfalls we look out for:

  1. SPD vs. SBCS
  2. Plans subject to ERISA
  3. Automatic SPD requirements
  4. Style and format requirements
  5. Compliant and distribution methods
  6. Distribution timelines and translations

DAILY CORNER

At ABV Advisors, we’ve been cranking away on your Form 5500. Here’s one of our hardworking team members, Natalie Kent, who’s been at for it months helping our clients prepare their documentation!

Get to know Natalie:

  •  Natalie is an accomplished accountant and employee benefits consultant specializing in Form 5500 preparation.
  •  She is a proud alumna of The Ohio State University, where she majored in Business Accounting.
  • Natalie is a mom of three beloved children and loves to play tennis and exercise.

CLIENT’S CORNER

As one of the country’s top employee benefits compliance advisory firms, we’re your trusted expert when it comes to meeting all the ERISA – related compliance for employee benefit plans, including wrap plan documents, preparation of IRS Form 5500 and ACA required Forms 1094 & 1095C. But more importantly, we are committed to making sure what our company stands for is clearly communicated to you. We’ve put together a comprehensive view of what we do and why we do it because it’s important to us that you understand too!

Do you know anyone that could benefit from a trusted employee benefits compliance advisory firm? We’d love to help more employers and brokers like you navigate the complex landscape to minimize yours or your client’s risk and gain a competitive advantage. If you have someone you’d like to refer, please have them contact us at 1.855.5500.ABV.