ACTION NEEDED: Proposed
Changes for Form 5500 for Small Employers
The Department of Labor, Health
& Human Services and Treasury recently issued proposed regulations that
would eliminate the "small plan" exemption currently in place for
small employers sponsoring a group health plan with fewer than 100
participants.
If
adopted, small employers would be required to furnish the same Form 5500
information to the Department of Labor as large employers.
What is
this going to cost employers?
The Department of Labor estimates
that eliminating the “small plan” exemption will add 2.2 million work hours and
$241.6 million in reporting costs for small employers (both self-insured and
fully-insured).
What can
you do?
The Department of Labor is requesting comments until December 5,
2016.
2.
Click on the “Comment
Now!” button in the upper right hand corner of the web page
3.
Write your comments in
the space provided (see below for suggested script)
4.
Follow all steps to
complete your submission
Suggested
script…
I am requesting that the Department of Labor reconsider the
proposed Annual Reporting and Disclosure rules relating to Form 5500 and
Schedule J.
The proposed rules that would eliminate the small group exemption
on Form 5500 filings plus the additional data collection requirements on
Schedule J will add 2.2 million work hours and would cost small employers
$241.6 million.
Small employers are already challenged to stay current and
compliant with excessive federal, state and local rules and regulations. The
proposed changes place yet another unnecessary burden on small employers.
I urge the
Department of Labor to reconsider this proposal.
