What are the ERISA Health and Welfare Benefit reporting requirements that apply to a small employer (less than 25 employees) with a fully insured group plan?
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Thank you for your inquiry regarding ERISA reporting requirements for a small employer with a fully insured group plan.
ERISA requires sponsors and administrators of group plans of all sizes to provide a Summary Plan Description (SPD) to all participants of the plan within 90 days of enrollment. Plan documents must also be provided no later than 30 days upon a written request.
Additionally, in the event of a material change to the benefits or services of the plan, a Summary of Material Modifications or Summary of Material Reduction in Health Plan Services or Benefits must also be provided to all participants.
Fully insured health and welfare plans with fewer than 100 participants are exempt from the ERISA requirements to file Form 5500 and a Summary Annual Report.
For more in-depth information on these requirements, details of what should be included in an SPD, and the exemptions from health and welfare reporting for small plans, you may also wish to review the Welfare and Pension Reports topical analysis on HR.BLR.com.