If your organization sponsors an employee benefit plan subject to ERISA, your Form 5500 filing deadline is just around the corner.  [Download the Full Story Here]   Key date   For calendar-year plans, the 2024 Form 5500 must be filed with the U.S. Department of Labor by July 31, 2025 — unless you’ve requested an extension by filing Form 5558.  Missing this deadline can be costly. The DOL can assess penalties of up to $2,739 per day for incomplete or late filings. However, relief may be available through the Delinquent Filer Voluntary Compliance Program (DFVCP) — but only if you act before receiving a DOL notice.  Who’s exempt?   Small welfare benefit plans with fewer than 100 covered participants that are unfunded, fully insured or both may not need to file.  Take action now  Work with your plan service providers to ensure you’re ready to file on time and avoid unnecessary penalties.  Download our full guide to learn more about exe...

Welcome to the March 2025 edition of Benefits Buzz! In this month's issue, we explore the latest developments in employee benefits, workplace policies and legal changes that may impact you. Stay informed with insights that help you effectively navigate your benefits.  This month's highlights  Topic #1: ERISA fiduciary breach claims dismissed in prescription drug lawsuit   A recent U.S. District Court ruling dismissed two claims in a lawsuit against Johnson & Johnson, alleging fiduciary breaches under Employee Retirement Income Security Act of 1974 (ERISA). The court found the plaintiff lacked standing, emphasizing the complexities of fiduciary litigation related to prescription drug benefits.  Topic #2: DOL clarifies FMLA and state paid family leave programs   A new U.S. Department of Labor opinion letter explains how state-paid family and medical leave (PFML) interacts with the federal Family and Medical Leave Act (FMLA). Employers must designate...

As an employer, you may be asking yourself, “What is a wrap document, and why is it important?” Before we get into the full definition, let’s review the history behind wrap documents to better understand how they originated and why they’re important. The federal Employee Retirement Income Security Act of 1974 set minimum standards for employee benefit plans maintained by private-sector employers. Under ERISA, employer-sponsored welfare benefit plans, such as group health plans, must be described in a written plan document. In addition, employers must explain the plans’ terms to participants by providing them with a summary plan description. The insurance certificate or benefit booklet provided by an insurance carrier or other third party for a welfare benefit plan typically does not satisfy ERISA’s content requirements for plan documents and summary plan descriptions. However, employers may use wrap documents in conjunction with the insurance certificate or benefit booklet to satisfy E...