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best employee benefits by bmark1
Reporting and Disclosure Guide for Employee
This Reporting and Disclosure Guide for Employee Benefit Plans has           Health Plans; and Additional Disclosure Requirements for Pension
been prepared by the U.S. Department of Labor’s Employee Benefits            Plans.
Benefit Guaranty Corporation (PBGC). It is intended to be used as a          The second chapter, beginning on page 10, provides an overview of
quick reference tool for certain basic reporting and disclosure              reporting and disclosure requirements for defined benefit pension plans
requirements under the Employee Retirement Income Security Act of            under Title IV of ERISA. The PBGC administers these provisions. The
1974 (ERISA). Not all ERISA reporting and disclosure requirements are        chapter focuses primarily on single-employer plans and has four
reflected in this guide. For example, the guide, as a general matter, does   sections. The first section - Pension Insurance Premiums - applies to
not focus on disclosures required by the Internal Revenue Code or the        covered single-employer and multiemployer defined benefit plans. The
provisions of ERISA for which the Treasury Department and Internal           last three sections - Standard Terminations, Distress Terminations, and
Revenue Service have regulatory and interpretive authority.                  Other Reports - apply only to covered single-employer defined benefit
The guide contains, on page 19, a list of EBSA and PBGC resources,
including agency Internet sites, where laws, regulations, and other          The third chapter, beginning on page 14, provides an overview of the
guidance are available on ERISA’s reporting and disclosure                   Form 5500 and Form M-1 Annual Reporting requirements. The chapter
requirements. Readers should refer to the law, regulations, instructions     consists of the following quick reference charts: Pension and Welfare
for any applicable form, or other official guidance issued by EBSA or the    Benefit Plan Form 5500 Quick Reference Chart; DFE Form 5500 Quick
PBGC for complete information on ERISA’s reporting and disclosure            Reference Chart; and Form M-1 Quick Reference Chart.
This guide contains three chapters. The first chapter, beginning on page     access to information about the reporting and disclosure rules under
2, provides an overview of the most common disclosures that                  ERISA. We made every effort to ensure that the information presented
administrators of employee benefit plans are required to furnish to          reflects current laws and final regulations as of July 2008. Please be
participants, beneficiaries, and certain other individuals under Title I     sure to check current laws and regulations on our website at
of ERISA. The chapter has three sections: Basic Disclosure                   www.dol.gov/ebsa.
Document                                   Type of Information                                      o
T Whom                                              When
Summary Plan Description (SPD)               Primary vehicle for informing participants        Participants and those pension plan            Automatically to participants within 90
and beneficiaries about their plan and how it     beneficiaries receiving benefits. (Also see    days of becoming covered by the plan
operates. Must be written for average             “Plan Documents” below for persons with        and to pension plan beneficiaries within 90
participant and be sufficiently comprehen-        the right to obtain SPD upon request).         days after first receiving benefits.
sive to apprise covered persons of their                                                         However, a plan has 120 days after
benefits, rights, and obligations under the       See 29 CFR &#167; 2520.102-2(c) for provisions      becoming subject to ERISA to distribute
plan. Must accurately reflect the plan’s          on foreign language assistance when a          the SPD. Updated SPD must be furnished
contents as of the date not earlier than 120      certain portion of plan participants are       every 5 years if changes made to SPD
days prior to the date the SPD is disclosed.      literate only in the same non-English          information or plan is amended. Other-
See 29 CFR &#167;&#167; 2520.102-2 and 2520.102-3           language.                                      wise must be furnished every 10 years.
for style, format, and content requirements.                                                     See 29 CFR &#167; 2520.104b-2.
Summary of Material Modification             Describes material modifications to a plan        Participants and those pension plan            Automatically to participants and pension
(SMM)                                        and changes in the information required to        beneficiaries receiving benefits. (Also see    plan beneficiaries receiving benefits; not
be in the SPD. Distribution of updated SPD        “Plan Documents” below for persons with        later than 210 days after the end of the plan
satisfies this requirement. See 29 CFR            the right to obtain SMM upon request).         year in which the change is adopted.
&#167; 2520.104b-3.
Summary Annual Report (SAR)                  Narrative summary of the Form 5500. See           Participants and those pension plan            Automatically to participants and pension
29 CFR &#167; 2520.104b-10(d) for prescribed           beneficiaries receiving benefits. For plan     plan beneficiaries receiving benefits
format.                                           years beginning after December 31, 2007,       within 9 months after end of plan year, or
the SAR is no longer required for defined      2 months after due date for filing Form
benefit pension plans, which now instead       5500 (with approved extension).
Notification of Benefit Determination        Information regarding benefit claim               Claimants (participants and beneficiaries or   Requirements vary depending on type of
(claims notices or “explanation of           determinations. Adverse benefit determina-        authorized claims representatives).            plan and type of benefit claim involved.
benefits”)                                   tions must include required disclosures                                                          See 29 CFR &#167; 2560.503-1 for prescribed
(e.g., the specific reason(s) for the denial of                                                  claims procedures requirements.
a claim, reference to the specific plan
provisions on which the benefit determina-
tion is based, and a description of the plan’s
appeal procedures).
Plan Documents                               The plan administrator must furnish copies        Participants and beneficiaries. Also see       Copies must be furnished no later than 30
of certain documents upon written request         29 CFR &#167; 2520.104a-8 regarding the             days after a written request. Plan
and must have copies available for                Department’s authority to request docu-        administrator must make copies available
examination. The documents include the            ments.                                         at its principal office and certain other
latest updated SPD, latest Form 5500, trust                                                      locations as specified in 29 CFR
agreement, and other instruments under                                                           &#167; 2520.104b-1(b).
Section 2: Additional Disclosure Requirements for Welfare Benefit Plans That Are Group Health Plans2
Document                                 Type of Information                                  o
T Whom                                            When
Summary of Material Reduction in       Summary of group health plan amendments        Participants.                                   Generally within 60 days of adoption of
Covered Services or Benefits           and changes in information required to be                                                      material reduction in group health plan
in SPD that constitute a “material reduction                                                   services or benefits. See 29 CFR
in covered services or benefits.” See 29                                                       &#167; 2520.104b-3(d)(2) regarding 90-day
CFR &#167; 2520.104b-3(d)(3) for definitions.                                                       alternative rule for furnishing the required
Initial COBRA Notice                   Notice of the right to purchase temporary      Covered employees and covered spouses.          When group health plan coverage
extension of group health coverage when                                                        commences.
See 29 CFR &#167; 2590.606-1.
COBRA Election Notice                  Notice to “qualified beneficiaries” of their   Covered employees, covered spouses,             The administrator must generally provide
right to elect COBRA coverage upon             and dependent children who are qualified        qualified beneficiaries with this notice,
occurrence of qualifying event. For more       beneficiaries.                                  generally within 14 days after being
information, see EBSA’s booklet An                                                             notified by the employer or qualified
Employer’s Guide to Group Health                                                               beneficiary of the qualifying event. If the
Continuation Coverage Under COBRA.                                                             employer is also the plan administrator,
See 29 CFR &#167; 2590.606-4.                                                                       the administrator must provide the notice
which the qualifying event occurred; or if
the plan provides that COBRA continua-
tion coverage starts on the date of loss of
coverage, the date of loss of coverage
Notice of Unavailability of COBRA      Notice that an individual is not entitled to   Individuals who provide notice to the           The administrator must provide this notice
COBRA coverage. See 29 CFR &#167; 2590.606-         administrator of a qualifying event whom        generally within 14 days after being
4(c).                                          the administrator determines are not eligible   notified by the individual of the qualifying
for COBRA coverage.                             event.
Notice of Early Termination of COBRA   Notice that a qualified beneficiary’s          Qualified beneficiaries whose COBRA             As soon as practicable following the
Coverage                               COBRA coverage will terminate earlier          coverage will terminate earlier than the        administrator’s determination that
than the maximum period of coverage.           maximum period of coverage.                     coverage will terminate.
See 29 CFR &#167; 2590.606-4(d).
Document                                           Type of Information                                                  o
T Whom                                                          When
Certificate of Creditable Coverage4                    Notice from employee’s former group                        Participants and beneficiaries who lose                     Automatically upon losing group health
health plan documenting prior group health                 coverage or who request a certificate.                      plan coverage, becoming eligible for
plan creditable coverage. See 29 CFR &#167;                                                                                 COBRA coverage, and when COBRA
2590.701-5(a)(3)(ii) for information required                                                                          coverage ceases. A certificate may be
to be included on the certificate.                                                                                     requested free of charge anytime prior to
General Notice of Preexisting                          Notice describing a group health plan’s                    Participants.                                               Must be provided as part of any written
Condition Exclusion4                                   preexisting condition exclusion and how                                                                                application materials distributed for
prior creditable coverage can reduce the                                                                               enrollment. If the plan or issuer does not
preexisting condition exclusion period.                                                                                distribute such materials, by the earliest
See 29 CFR &#167; 2590.701-3(c) for pre-                                                                                    date following a request for enrollment that
scribed requirements.                                                                                                  a plan or issuer, acting in a reasonable and
Notice that a specific preexisting condition               Participants and beneficiaries who                          As soon as possible following the
exclusion period applies to an individual                  demonstrate creditable coverage that is not                 determination of creditable coverage.
Preexisting Condition Exclusion4                       upon consideration of creditable coverage                  enough to completely offset the preexisting
evidence and an explanation of appeal                      condition exclusion.
procedures if the individual disputes the
plan’s determination. See 29 CFR &#167;
Notice of Special Enrollment Rights4                   Notice describing the group health plan’s                  Employees eligible to enroll in a group                     At or before the time an employee is
special enrollment rules including the right               health plan.                                                initially offered the opportunity to enroll in
to special enroll within 30 days of the loss                                                                           the group health plan.
See 29 CFR &#167; 2590.701-6(c) for prescribed
Wellness Program Disclosure4                           Notice given by any group health plan                      Participants and beneficiaries eligible to                  In all plan materials that describe the
offering a wellness program that requires                  participate in a wellness program that                      terms of the wellness program. If the
individuals to meet a standard related to a                requires individuals to meet a standard                     plan materials merely mention that a
health factor in order to obtain a reward. The             related to a health factor in order to obtain               program is available, without describing
notice must disclose the availability of a                 a reward.                                                   its terms, this disclosure is not required.
reasonable alternative standard (or possibility
of waiver of the otherwise applicable
standard). See 29 CFR &#167; 2590.702(f)(2)(v) for
prescribed requirements as well as model
Please refer to the Department’s regulations and other guidance for information on the extent to which charges may be assessed to cover the cost of furnishing particular information, statements, or documents to participants and
beneficiaries required under Title I of ERISA. See, e.g., 29 CFR 2520.104b-30.
The term “group health plan” means an employee welfare benefit plan to the extent that the plan provides medical care to employees or their dependents directly or through insurance, reimbursement or otherwise.
COBRA generally applies to group health plans of employers who employed 20 or more employees during the prior calendar year. Provisions of COBRA covering State and local government plans are administered by the
Department of Health and Human Services. COBRA does not apply to plans sponsored by certain church-related organizations.
Document                           Type of Information                                       o
T Whom                                          When
Women’s Health and Cancer Rights     Notice describing required benefits for         Participants.                                 Notice must be furnished upon enrollment
Act (WHCRA) Notices4                 mastectomy-related reconstructive surgery,                                                    and annually.
Medical Child Support Order (MCSO)   Notification from plan administrator            Participants, any child named in a MCSO,      Administrator, upon receipt of MCSO,
Notice                               regarding receipt and qualification             and his or her representative.                must promptly issue notice (including
determination on a MCSO directing the                                                         plan’s procedures for determining its
plan to provide health insurance coverage                                                     qualified status). Administrator must also
to a participant’s noncustodial children. See                                                 issue separate notice as to whether the
ERISA &#167; 609(a)(5)(A) for prescribed                                                           MCSO is qualified within a reasonable
requirements.                                                                                 time after its receipt.
National Medical Support (NMS)       Notice used by State agency responsible         State agencies, employers, plan administra-   Employer must either send Part A to the
Notice                               for enforcing health care coverage              tors, participants, custodial parents,        State agency, or Part B to plan administra-
provisions in a MCSO. See ERISA &#167;               children, representatives.                    tor, within 20 days after the date of the
609(a)(5) and 29 CFR &#167; 2590.609-2 for                                                         notice or sooner, if reasonable. Adminis-
prescribed requirements. Depending upon                                                       trator must promptly notify affected
certain conditions, employer must                                                             persons of receipt of the notice and the
complete and return Part A of the NMS                                                         procedures for determining its qualified
notice to the State agency or transfer Part B                                                 status. Administrator must within 40-
of the notice to the plan administrator for a                                                 business days after its date or sooner, if
determination on whether the notice is a                                                      reasonable, complete and return Part B to
qualified MCSO.                                                                               the State agency and must also provide
required information to affected persons.
employer may be required to send Part A
to the State agency after the plan
Document                          Type of Information                                      o
T Whom                            When
Periodic Pension Benefit Statement   Content of statements varies depending         Participants and beneficiaries   In general, at least once each quarter for
on the type of plan.                                                            individual account plans that permit
In general, all statements must indicate                                        at least once each year, in the case of
total benefits and total nonforfeitable                                         individual account plans that do not
pension benefits, if any, which have                                            permit participants to direct their
accrued, or earliest date on which benefits                                     investments; and at least once every
become nonforfeitable.                                                          three years in the case of defined
benefit plans or, in the alternative,
Benefit statements for an individual                                            defined benefit plans can satisfy this
account plan must also provide the value                                        requirement if at least once each year
of each investment to which assets in the                                       the administrator provides notice of the
individual account have been allocated.                                         availability of the pension benefit
statement and the ways to obtain such
Benefit statements for individual account                                       statement. In addition, the plan
plans that permit participant investment                                        administrator of a defined benefit plan
direction must also include an explanation                                      must furnish a benefit statement to a
of any limitation or restriction on any                                         participant or beneficiary upon written
right of the participant or beneficiary                                         request, limited to one request during
under the plan to direct an investment; an                                      any 12-month period. In addition, the
explanation of the importance of a well-                                        plan administrator of an individual
balanced and diversified portfolio,                                             account plan must furnish a benefit
including a statement of the risk that                                          statement upon request to a beneficiary
holding more than 20 percent of a                                               that does not receive statements
portfolio in the security of an entity (such                                    automatically, limited to one request
as employer securities) may not be                                              during any 12-month period.
adequately diversified; and a notice
the Internet website of the Department of
Labor for sources of information on
See ERISA &#167; 105.
Statement of Accrued and             Statements of total accrued benefits and       Participants.                    The plan administrator shall provide a
Nonforfeitable Benefits              total nonforfeitable pension benefits, if                                       statement to participants upon request,
any, which have accrued, or the earliest                                        upon termination of service with the
date on which benefits become nonfor-                                           employer, or after the participant has a
feitable. See ERISA &#167; 209.                                                      1-year break in service. Not more than
12-month period for statements
provided upon request. Not more than
one statement shall be required with
respect to consecutive 1-year breaks in
Document                          Type of Information                                    o
Suspension of Benefits Notice        Notice that benefit payments are being         Employees whose benefits are suspended.          During first month or payroll period in
suspended during certain periods of                                                             which the withholding of benefit
employment or reemployment. See 29                                                              payments occurs.
CFR &#167; 2530.203-3 for prescribed require-
Notice of Transfer of Excess         Notification of transfer of defined benefit    Employer sponsoring pension plan from            Notices must be given not later than 60
Pension Assets to Retiree Health     plan excess assets to retiree health benefit   which transfer is made must give notice to       days before the date of the transfer. The
Benefit Account                      account. See ERISA &#167; 101(e) for pre-           the Secretaries of Labor and the Treasury,       employer notice also must be available
scribed requirements.                          each employee organization representing          for inspection in the principal office of
plan participants, and the plan administrator.   the administrator.
Plan administrator must notify each
participant and beneficiary under the plan.
Domestic Relations Order (DRO)       Notifications from plan administrator          Participants, and alternate payees (i.e.,        Administrator, upon receipt of the DRO,
and Qualified Domestic Relations     regarding its receipt of a DRO, and upon a     spouse, former spouse, child, or other           must promptly issue the notice (includ-
Order (QDRO) Notices                 determination as to whether the DRO is         dependent of a participant named in a DRO        ing the plan’s procedures for determin-
qualified. For more information see ERISA      as having a right to receive all or a portion    ing its qualified status). The second
&#167; 206(d)(3) and the EBSA booklet QDROs:        of the participant’s plan benefits).             notice, regarding whether the DRO is
The Division of Retirement Benefits                                                             qualified, must be issued within a
Through Qualified Domestic Relations                                                            reasonable period of time after receipt of
Orders.                                                                                         the DRO.
Notice of Significant Reduction in   Notice of plan amendments to defined           Participants, alternate payees under a           Except as provided in regulations
Future Benefit Accruals              benefit plans and certain defined contribu-    QDRO, contributing employers,                    prescribed by the Secretary of the
tion plans that provide for a significant      and certain employee organizations.              Treasury, notice must be provided
reduction in the rate of future benefit                                                         within a reasonable time, generally 45
accruals or the elimination or significant                                                      days, before the effective date of a
reduction in an early retirement benefit or                                                     plan amendment subject to ERISA. See
retirement-type subsidy. See 26 CFR                                                             &#167;204(h) of ERISA and IRC &#167;4980F.
&#167; 54.4980F-1 for further information.
Notice of Failure to Meet Minimum    Notification of failure to make a required     Participants, beneficiaries, and alternate       Must be furnished within a “reasonable”
Funding Standards                    installment or other plan contribution to      payees under QDROs.                              period of time after the failure. Notice is
satisfy minimum funding standard within 60                                                      not required if a funding waiver is
days of contribution due date. (Not                                                             requested in a timely manner; if waiver is
applicable to multiemployer plans). See                                                         denied, notice must be provided within
ERISA &#167; 101(d) for more information.                                                            60 days after the denial.
Section 404(c) Plan Disclosures      Investment-related and certain other           Participants or beneficiaries, as applicable.    Certain information should be furnished
disclosures for participant-directed                                                            to participants or beneficiaries before the
individual account plans described in 29                                                        time when investment instructions are to
CFR &#167; 2550.404c-1, including blackout                                                           be made; certain information must be
notice for participant-directed individual                                                      furnished upon request.
404(c)(1)(A)(ii), as described below.
Document                               Type of Information                                      To Whom                                            When
Notice of Blackout Period for Individual   Notification of any period of more than 3        Participants and beneficiaries of individual   Generally at least 30 days but not more
Account Plans                              consecutive business days when there is a        account plans affected by such blackout        than 60 days advance notice. See ERISA
temporary suspension, limitation or              periods and issuers of affected employer       &#167; 101(i) and 29 CFR &#167; 2520.101-3 for
restriction under an individual account plan     securities held by the plan.                   further information on the notice
on directing or diversifying plan assets,                                                       requirement.
Qualified Default Investment               Advance notice to participants and               Participants and beneficiaries.                An initial notice must be furnished at
Alternative Notice                         beneficiaries describing the circum-                                                            least 30 days in advance of the date of
stances under which contributions or                                                            plan eligibility, or at least 30 days in
other assets will be invested on their                                                          advance of the date of any first
behalf in a qualified default investment                                                        investment in a qualified default
alternative, the investment objectives of                                                       investment alternative on behalf of a
the qualified default investment alterna-                                                       participant or beneficiary; or on or
tive, and the right of participants and                                                         before the date of plan eligibility if the
beneficiaries to direct investments out of                                                      participant has the opportunity to make
the qualified default investment alterna-                                                       a permissible withdrawal within the first
tive. See 29 CFR &#167; 2550.404c-5. See also                                                        90 days. Further, there is an annual
ERISA &#167; 514(e)(3).                                                                              notice requirement within a reasonable
See 29 CFR &#167; 2550.404c-5.
Automatic Contribution Arrangement         A plan administrator of an automatic             Each participant to whom the arrangement       The plan administrator of an automatic
Notice                                     contribution arrangement shall provide a         applies. See ERISA &#167; 514(e)(3).                contribution arrangement shall, within
notice under ERISA &#167; 514(e)(3). Gener-                                                          a reasonable period before such plan
ally, this notice shall inform participants of                                                  year, provide the notice. See ERISA
their rights and obligations under the                                                          &#167; 514(e)(3).
Annual Funding Notice                      Basic information about the funding status       Participants, beneficiaries receiving          Not later than 120 days after the plan
and financial condition of the defined           benefits, each labor organization              year for large plans. Small plans (100
benefit pension plan, including the plan’s       representing participants under the plan,      or fewer participants) must furnish the
funding percentage; assets and liabilities;      each employer that has an obligation to        notice no later than the earlier of the
and a description of the benefits guaran-        contribute under the plan, and PBGC.           date on which the annual report is filed
teed by the PBGC. See ERISA &#167;101(f).                                                            or the latest date the annual report must
Multiemployer Plan Summary Report          Certain financial information, such as           Each employee organization and to each         Within 30 days after the due date of the
contribution schedules, benefit formulas,        employer that has an obligation to             annual report.
number of employers obligated to                 contribute to the plan.
liability. See ERISA &#167;104(d).
Document                             Type of Information                                   o
T Whom                                             When
Multiemployer Pension Plan               Copies of periodic actuarial reports,         Participants, beneficiaries receiving          Within 30 days of written request.
Information Made Available on Request    quarterly, semi-annual, or annual financial   benefits, each labor organization represent-   Requester not entitled to receive more
reports, and amortization extension           ing participants under the plan, and each      than one copy of any report or
applications. See ERISA &#167;101(k).              employer that has an obligation to             application during any 12-month period.
contribute to the plan.                        See ERISA &#167; 101(k).
Multiemployer Plan Notice of Potential   Estimated amount of employer’s with-          Any employer who has an obligation to          Generally, within 180 days of a written
Withdrawal Liability                     drawal liability and how such estimated       contribute to the plan.                        request.
liability was determined. See ERISA &#167;
101(l).
Notice of Funding-based Limitation       The plan administrator of a single-           Participants and beneficiaries.                Generally, within 30 days after a plan
employer or multiple employer defined                                                        becomes subject to a specified funding-
benefit plan must provide a notice of                                                        based limitation, as well as at any other
specified funding-based limits on benefit                                                    time determined by the Secretary of the
accruals and benefit distributions. See                                                      Treasury.
ERISA &#167; 101(j).
Notice of Right to Divest                Notice of right to sell company stock and     Participants, alternate payees with            Not later than 30 days before the first
reinvest proceeds into other investments      accounts under the plan, and beneficiaries     date on which the individuals are
available under the plan. Notice also         of deceased participants. See ERISA &#167;          eligible to exercise their rights. See
must describe the importance of diversi-      204(j).                                        ERISA &#167; 101(m).
fying the investment of retirement
account assets. See ERISA &#167; 101(m).
(ERISA &#167;&#167; 4006 and 4007; 29 CFR Parts 4006 and 4007)*
Document                                         Type of Information                                              o
T Whom                                                      When
Estimated Premium Filing                           Estimated flat-rate premium payment (with               Pension Benefit Guaranty                                 By last day of second full calendar month
supporting data) for plans with 500 or more             Corporation (PBGC)                                       following end of prior plan year.
Comprehensive Premium Filing                       Annual premium payment (with supporting                 PBGC                                                     For plans with fewer than 100 participants
data) for all plans.                                                                                             in prior plan year, by last day of 16th full
calendar month following end of the
preceding premium payment year (e.g.,
April 30, 2009 for 2008 calendar-year
plans). For plans with 100 or more
participants in prior plan year, by 15th day
of the tenth full calendar month following
end of prior plan year (e.g., October 15,
2008 for 2008 calendar-year plans).
(ERISA &#167;&#167; 4041 and 4050; 29 CFR Parts 4041 and 4050)
Notice of Intent to Terminate                      Advises of proposed termination and                     Participants, beneficiaries, alternate                   At least 60 and no more than 90 days
provides information about the termination              payees, and union.                                       before proposed termination date. (If
process.                                                                                                         possible insurers not known at this
time, supplemental notice no later than
45 days before distribution date.)
Form 500 - Standard Termination                    Advises of proposed termination and                     PBGC                                                     No later than 180 days after proposed
Notice                                             provides plan data.                                                                                              termination date.
Notice of Plan Benefits                            Provides information on each person’s                   Participants, beneficiaries, and alternate               No later than the time Form 500
benefits.                                               payees.                                                  (Standard Termination Notice) is filed
Note: Plans e-file for plan years beginning on or after January 1, 2007. To electronically submit premium filings and payments to the PBGC, use PBGC’s online application, My Plan Administration Account (My PAA). My
PAA and more information can be found at the PBGC’s Web site (www.pbgc.gov) on the page for Practitioners under Premium Filings.
Document                                Type of Information                                  o
T Whom                                         When
Form 501 - Post-Distribution         Certifies that distribution of plan assets has    PBGC                                     No later than the 30th day after distribution
Certification                        been properly completed.                                                                   of plan assets completed. (If PBGC
assesses a penalty, it will do so only to the
extent the form is filed more than 90 days
after distribution deadline, including
Schedule MP - Missing Participants   Advises of a participant or beneficiary under a   PBGC                                     Filed with Form 501. (See above for
terminating plan whom the plan administrator                                               time limits.)
Document                          Type of Information                                       To Whom                                       When
Form 600 - Distress Termination      Advises of proposed termination and               PBGC                                     At least 60 days and (except with PBGC
Notice of Intent to Terminate        provides plan and sponsor data.                                                            approval) no more than 90 days before
Notice of Intent to Terminate to     Advises of proposed termination and               Participants, beneficiaries, alternate   No later than the time Form 600
Affected Parties Other than PBGC     provides information about the termina-           payees, and union.                       (Notice of Intent to Terminate) is filed
tion process.                                                                              with PBGC.
Disclosure of Termination            A plan administrator must disclose                Participants, beneficiaries, alternate   Not later than 15 days after (1) receipt
Information                          information it has submitted to PBGC in           payees, and union.                       of a request from the affected party for
connection with a distress termination.                                                    the information; or (2) the provision of
See ERISA section 4041(c)(2)(D). (Note                                                     new information to the PBGC relating
that a plan administrator or a plan sponsor                                                to a previous request.
must disclose information it has submitted
to PBGC in connection with a PBGC-
initiated termination. See ERISA &#167;
4042(c)(3).)
Notice of Request to Bankruptcy      Advises of sponsor’s/controlled group             PBGC                                     Concurrent with request to Bankruptcy
Court to Approve Termination         member’s request to Bankruptcy Court to                                                    Court.
approve plan termination based upon
Form 601 - Distress Termination      Demonstrates satisfaction of distress             PBGC                                     No later than the 120th day after the
Notice, Single-Employer Plan         criteria, and provides plan and sponsor/                                                   proposed termination date.
Termination                          controlled group data.
Document                          Type of Information                             To Whom                     When
Form 602 - Post-Distribution         Certifies the distribution of plan assets has   PBGC             No later than the 30th day after distribu-
Certification for Distress           been properly completed for a plan that is                       tion of plan assets completed. (If PBGC
Termination                          sufficient for guaranteed benefits.                              assesses a penalty, it will do so only to
the extent the form is filed more than 90
days after the distribution deadline,
Schedule MP - Missing Participants   Advises of a participant or beneficiary         PBGC             Filed with Form 602. (See above for
under a terminating plan whom the plan                           the time limits.)
administrator cannot locate. (This
assumes plan is sufficient for guaranteed
Document                         Type of Information                               o
T Whom                      When
Form 10 - Post-Event Notice of       Requires submission of information relating     PBGC             No later than 30 days after plan
Reportable Events                    to event, plan, and controlled group for:                        administrator or contributing sponsor
failure to make a required minimum funding                       knows (or has reason to know) the
payment, active participant reduction,                           event has occurred. (Extensions may
change in contributing sponsor or                                apply.)
controlled group, application for funding
waiver, liquidation, bankruptcy, and various
other events. See ERISA &#167; 4043 and 29
CFR Part 4043.
Form 10-Advance - Advance Notice     Requires submission of information relating     PBGC             At least 30 days in advance of effective
of Reportable Events                 to event, plan, and controlled group for:                        date of event. (Extensions may apply.)
change in contributing sponsor or
vested percentage under 90 percent.
See ERISA &#167; 4043 and 29 CFR Part 4043.
Form 200 - Notice of Failure to      Requires submission of information relating     PBGC
Make Required Contributions          to plan and controlled group where plan                          due date.
than $1 million. See ERISA &#167; 302(f)(4) and 29
CFR Part 4043, subparts A and D.
Document                             Type of Information                       o
T Whom                     When
Reporting of Substantial Cessation of   Advises PBGC of certain cessations of       PBGC            No later than 60 days after event.
Operation and of Withdrawal of          operation and of withdrawals of substan-
Substantial Employer                    tial employers and requests determination
of liability. See ERISA &#167;&#167; 4062(e) and
4063(a).
Requires submission of actuarial and                        No later than 105 days after the close
Annual Financial and Actuarial                                                      PBGC
financial information for certain con-                      of the filer’s information year, with a
trolled groups with substantial                             possible extension for certain required
underfunding. See ERISA &#167; 4010 and 29                       actuarial information until 15 days after
CFR Part 4010.                                              filing deadline for annual report (Form
Form 5500 Annual Reporting Requirements                                                                                 Certain employee benefit plans are exempt from the annual reporting
EBSA, in conjunction with the Internal Revenue Service (IRS) and the                                                    classes of plans exempt from filing an annual report or eligible for
PBGC, publishes the Form 5500 Annual Return/Report forms used by                                                        limited reporting are described in the Form 5500 instructions.
plan administrators to satisfy various annual reporting obligations
under ERISA and the Internal Revenue Code (Code).                                                                       The Form 5500 filed by plan administrators and GIAs are due by the
last day of the 7th calendar month after the end of the plan or GIA year
For the 2007 and 2008 plan years, filers will continue to use the ERISA                                                 (not to exceed 12 months in length). See the Form 5500 instructions for
Filing Acceptance System (EFAST), unless otherwise directed. There are                                                  information on extensions. The Form 5500 filed by DFEs other than
two formats for filing the Form 5500 in EFAST.* The first format,                                                       GIAs are due no later than 91/2 months after the end of the DFE year.
“machine print,” is completed using computer software from EFAST-
approved vendors and can be filed electronically or by mail, including                                                  Two quick reference charts from the 2008 Form 5500 immediately
certain private delivery services. The other format, “hand print,” may                                                  follow this section and describe the basic filing requirements for small
be completed by typewriter, by hand, or by using computer software                                                      plans, large plans, and DFEs. The two charts are: Pension and Welfare
from EFAST approved vendors, and may be filed only by mail, includ-                                                     Benefit Plan Form 5500 Quick Reference Chart on pages 15 and 16, and
ing certain private delivery services. Beginning in the 2009 reporting                                                  DFE Form 5500 Quick Reference Chart on page 17. Check the EFAST
year, Form 5500 filing and processing will be wholly electronic. Filers                                                 Internet site at www.efast.dol.gov and the latest Form 5500 instruc-
will be able to complete Form 5500s online using a Web-based interface                                                  tions for information on who is required to file, how to complete the
or continue to use third-party developed software. For more informa-                                                    forms, when to file, EFAST approved software, and electronic filing
tion about electronic filing under EFAST2, see www.efast.dol.gov.                                                       options. Also check the EFAST Internet site for Form 5500s, Schedules,
and Instructions for reporting years prior to 2008, if you are submitting
The Form 5500 filing requirements vary according to the type of filer.                                                  a late or amended filing.
There are three general types of filers: small plans (generally plans
with fewer than 100 participants as of the beginning of the plan year);
large plans (generally plans with 100 or more participants as of the                                                    Form M-1 Annual Reporting Requirements
beginning of the plan year); and direct filing entities (DFEs). DFEs are
trusts, accounts, and other investment or insurance arrangements that                                                   Administrators of multiple employer welfare arrangements (MEWAs)
plans participate in and that are required to or allowed to file the Form                                               and certain other entities that offer or provide coverage for medical
5500 directly with EBSA. These investment and insurance arrange-                                                        care to employees of two or more employers are generally required to
ments include master trust investment accounts (MTIAs), common/                                                         file the Form M-1 (Report for Multiple Employer Welfare Arrangements
collective trusts (CCTs), pooled separate accounts (PSAs), 103-12                                                       (MEWAs) and Certain Entities Claiming Exception (ECEs)). The Form
investment entities (103-12 IEs), and group insurance arrangements                                                      M-1 is filed with EBSA and can be filed online at
(GIAs). MTIAs are the only DFE for which the filing of the Form 5500 is                                                 http://www.askebsa.dol.gov/mewa. The Form M-1 is generally
mandatory. Employee benefit plans that participate in CCTs, PSAs,                                                       due no later than March 1, following any calendar year for which a
103-12 IEs, and GIAs that file as DFEs are eligible for certain annual                                                  filing is required. A quick reference chart on Reporting Requirements for
reporting relief.                                                                                                       MEWAs and ECEs is on page 18. Also, check the EBSA Internet site at
www.dol.gov/ebsa for more information on the Form M-1.
Large Pension Plan                     Small Pension Plan                    Large Welfare Plan                    Small Welfare Plan
Form 5500                           Must complete.2                       Must complete. **2                     Must complete.                        Must complete. **3
Schedule A -                        Must complete if plan has             Must complete if plan has              Must complete if plan has             Must complete if plan has
Insurance Information               insurance contracts for benefits      insurance contracts for benefits       insurance contracts for benefits      insurance contracts for
or investments.                       or investments.                        or investments.                       benefits3 or investments.
Schedule C -                        Must complete if service              Not required.                          Must complete if service              Not required.
Service Provider Information        provider was paid $5,000 or                                                  provider was paid $5,000 or
more or an accountant or                                                     more or an accountant or
enrolled actuary was terminated.                                             enrolled actuary was terminated.
Schedule D -                        Must complete Part I if plan          Must complete Part I if plan           Must complete Part I if plan          Must complete Part I if plan
DFE/Participating Plan              participated in a CCT, PSA,           participated in a CCT, PSA,            participated in a CCT, PSA,           participated in a CCT, PSA,
Information                         MTIA, or 103-12 IE.                   MTIA, or 103-12 IE.                    MTIA, or 103-12 IE.                   MTIA, or 103-12 IE.
Schedule E -                        Must complete if ESOP.                Must complete if ESOP.                 Not required.                         Not required.
ESOP Annual Information4
Schedule G -                        Must complete if Schedule H,          Not required.                          Must complete if Schedule H,          Not required.
Financial Transaction               line 4b, 4c, or 4d is marked                                                 line 4b, 4c, or 4d is marked
Schedules                           “Yes.”5                                                                      “Yes.”5, 6
Schedule H -                        Must complete.2, 5                    Not required.                          Must complete.5, 7                    Not required.
Large Plan and DFE Financial
Schedule I -                        Not required.                         Must complete.2                        Not required.                         Must complete.3
Small Plan Financial
Schedule MB -                       Must complete if a                    Must complete if a                     Not required.                         Not required.
Multiemployer Defined               multiemployer defined benefit         multiemployer defined benefit
Benefit Plan and Certain            plan subject to minimum funding       plan subject to minimum funding
Money Purchase Plan                 standards or a money purchase         standards or a money purchase
Actuarial Information               defined contribution plan             defined contribution plan
(including a target benefit plan)     (including a target benefit plan)
that is amortizing a funding          that is amortizing a funding
waiver.                               waiver.
*See footnotes for certain exemptions and other technical requirements. All footnotes for this section are on page 16.
**For the 2007 and 2008 plan years, certain plans with fewer than 25 participants as of the beginning of the plan year may be eligible for a simplified reporting option. Starting with the
2009 plan year, certain plans with fewer than 100 participants as of the beginning of the 2009 plan year may be eligible to use the new Form 5500-SF. See Instructions.
Large Pension Plan                      Small Pension Plan                      Large Welfare Plan                      Small Welfare Plan
Schedule R -                       Must complete, unless exempt.8          Must complete, unless exempt.8          Not required.                           Not required.
Schedule SB -                      Must complete if a single-              Must complete if a single-              Not required.                           Not required.
Single-Employer Defined            employer or multiple-employer           employer or multiple-employer
Benefit Plan Actuarial             defined benefit plan subject to         defined benefit plan subject to
Information                        minimum funding standards.              minimum funding standards.
Schedule SSA -                     Must complete if plan had               Must complete if plan had               Not required.                           Not required.
Annual Registration Statement      separated participants with             separated participants with
Identifying Separated              deferred vested benefits to             deferred vested benefits to
Participants with Deferred         report.                                 report.
Vested Benefits4
Independent Qualified Public       Must attach. 2, 9                       Not required unless Schedule I,         Must attach.7, 9                        Not required.
Accountant’s Report                                                        line 4k, is checked “No.”9
This chart provides only general guidance and not all rules and requirements are reflected. Refer to specific Form 5500 instructions for complete information on filing requirements.
Pension plans are exempt from filing any schedules and the independent qualified public accountant’s report if the plan uses a Code section 408 individual retirement account or annuity as
the sole funding vehicle for providing benefits. Pension benefit plans providing benefits exclusively through an insurance contract or contracts that are fully guaranteed and that meet all of
the conditions of 29 &#167; CFR 2520.104-44(b)(2) during the entire plan year are exempt from filing Schedule H, Schedule I, and the independent qualified public accountant’s report. For plan
years prior to those commencing on January 1, 2009, plans funded solely through Code section 403(b)(1) annuity and/or 403(b)(7) custodial accounts are also exempt from filing any
schedules and the independent qualified public accountant’s report. Such plans are not exempt for plan years beginning on or after January 1, 2009.
Unfunded, fully insured and combination unfunded/insured welfare plans covering fewer than 100 participants at the beginning of the plan year that meet the requirements of 29 CFR &#167;
2520.104-20 are exempt from filing an annual report.
The Schedule E and Schedule SSA are not part of the Form 5500 filing for plan years commencing on or after January 1, 2009. For more information on how to file the information
previously collected on the Schedule SSA (Form 5500) for plan years commencing on or after January 1, 2009, see www.irs.gov.
Must also complete schedules of assets and reportable (5 percent) transactions if Schedule H, line 4i or 4j is marked “Yes.”
Must complete Schedule G to report any nonexempt transactions even if Schedule H is not required.
Unfunded, fully insured and combination unfunded/insured welfare plans covering 100 or more participants at the beginning of the plan year are exempt under 29 CFR &#167; 2520.104-44 from
the accountant’s report requirement and completing Schedule H.
Must complete if a defined benefit plan or plan is otherwise subject to the minimum funding standards under Code section 412 or ERISA section 302. See Schedule R instructions for
further explanation and for conditions that exempt a pension plan from filing the Schedule R.
For information on the requirements for deferring an accountant’s report pursuant to 29 CFR &#167; 2520.104-50 in connection with a short plan year of 7 months or less and the contents of the
required explanatory statement, see the Form 5500 instructions.
MTIA                             CCT or PSA                             103-12 IE                                 GIA
Form 5500                          Must complete.2                       Must complete if filing as a DFE.2    Must complete if filing as a DFE.2    Must complete if filing as a DFE.2
Schedule A -                       Must complete if MTIA has             Not required.                         Must complete if 103-12 IE has        Must complete.
Insurance Information              insurance contracts.                                                        insurance contracts.
Schedule C -                       Must complete Part I if service       Not required.                         Must complete Part I if service       Must complete Part I if service
Service Provider                   provider was paid $5,000 or                                                 provider was paid $5,000 or           provider was paid $5,000 or
Information                        more. Part II not required.                                                 more and Part II if an accountant     more and Part II if an
was terminated.                       accountant was terminated.
Schedule D -                       List all plans that participated in   List all plans that participated in   List all plans that participated in   List all plans that participated in
DFE/Participating Plan             the MTIA in Part II. List all         the CCT or PSA in Part II. List all   the 103-12 IE in Part II. List all    the GIA in Part II. List all
Information                        CCTs, PSAs, and 103-12 IEs in         CCTs, PSAs, and 103-12 IEs in         CCTs, PSAs, and 103-12 IEs in         CCTs, PSAs and 103-12 IEs in
which the MTIA participated or        which the CCT or PSA partici-         which the 103-12 IE participated      which the GIA participated or
invested during the MTIA year         pated or invested during the CCT      or invested during the 103-12 IE      invested during the GIA year
in Part I.                            or PSA year in Part I.                year in Part I.                       in Part I.
Schedule G -                       Must complete if Schedule H,          Not required.                         Must complete if Schedule H,          Must complete if Schedule H,
Financial Transaction              line 4b, 4c, or 4d is checked                                               line 4b, 4c, or 4d is checked         line 4b, 4c, or 4d is checked
Schedules                          “Yes.”                                                                      “Yes.”                                “Yes.”
Schedule H -                       Must complete Parts I, II, III,       Must complete Parts I, II, and III.   Must complete Parts I, II, III,       Must complete Parts I, II, III,
Large Plan and DFE                 and IV.                               Skip Part IV.                         and IV.                               and IV.
Schedules of Assets and            Must complete if Schedule H,          Not required.                         Must complete Schedules of            Must complete if Schedule H,
Reportable (5 percent)             line 4i or 4j is checked “Yes.”                                             Assets if Schedule H, line 4i, is     line 4i or 4j is checked “Yes.”
Transactions                       See Schedule H instructions.                                                checked “Yes.” Schedule of            See Schedule H instructions.
Reportable (5 percent) Transactions
not required. See Schedule H
Independent Qualified              Not required.                         Not required.                         Must attach.                          Must attach.
Public Accountant’s Report
This chart provides only general guidance and not all rules and requirements are reflected. Refer to specific Form 5500 instructions for complete information on filing require-
An MTIA is the only DFE for which the filing of the Form 5500 is mandatory. Employee benefit plans that participate in CCTs, PSAs, 103-12 IEs, and GIAs that file as DFEs are
eligible for certain annual reporting relief.
Document                                   Type of Information                                To Whom                    When
Form M-1                                    MEWA or ECE identifying information.             EBSA                 Annual Report: Generally due by
Report for Multiple Employer                States in which coverage is provided,                                 March 1st of the year following the
Welfare Arrangements (MEWAs)                insurance information, number of                                      calendar year for which report is
and Certain Entities Claiming               participants covered, and information                                 required. A 60-day extension is
Exception (ECEs)                            about compliance with Part 7 of ERISA,                                available. For ECEs, an annual report is
including any litigation alleging non-                                required to be filed only if the ECE was
compliance.                                                           last originated within 3 years before
annual filing due date.
Origination Report: Due within 90 days
offer or provide coverage for medical care
(including one or more self-employed                                  “Origination” generally occurs when:
individuals) are generally required to file                           (1) the MEWA or ECE first begins
the Form M-1.                                                         offering or providing coverage; (2) the
MEWA or ECE begins offering or
An ECE is an entity that claims it is not a                           providing coverage after a merger
MEWA due to the exception in the                                      (unless all MEWAs or ECEs involved
definition of MEWA for entities that are                              in the merger were last originated at
established and maintained under or                                   least 3 years prior to the merger); or (3)
pursuant to one or more agreements that                               the number of employees to which the
the Secretary of Labor finds to be                                    MEWA offers or provides coverage
collective bargaining agreements. For                                 has grown at least 50 percent. There-
more information on this exception, see                               fore, a MEWA or ECE may be origi-
nated more than once.
29 CFR &#167; 2510.3-40.
EBSA Resources                                                             PBGC Resources
For more information about EBSA’s reporting and disclosure requirements,   For information about PBGC’s reporting and disclosure requirements,
contact:                                                                   call 1-800-736-2444 or (202) 326-4242.
U.S. Department of Labor                                                   For premium-related questions, send an e-mail to
Employee Benefits Security Administration                                  premiums@pbgc.gov or write to:
Washington, DC 20210                                                       PBGC
1-866-444-EBSA (3272)                                                      Dept. 77840
Web site: www.dol.gov/ebsa                                                 P.O. Box 77000
For assistance on completing the Form 5500, call the EFAST Help Line at
1-866-463-3278.                                                            For questions on standard terminations, send an e-mail to
standard@pbgc.gov or write to:
For assistance on completing the Form M-1, call (202) 693-8360.
The following publications may be helpful in providing a more detailed     Standard Termination Compliance Division/
explanation on specific subject matter:                                    Processing and Technical Assistance Branch
An Employer’s Guide to Group Health Continuation Coverage                  Washington, DC 20005-4026
For questions on distress terminations and reportable events, send an
Provides a general explanation of the COBRA right to purchase a        e-mail to distress.term@pbgc.gov, advance.report@pbgc.gov (for
temporary extension of group health insurance.                         advance questions), or post-event.report@pbgc.gov (for post-event
QDROs: The Division of Retirement Benefits Through
Qualified Domestic Relations Orders                                        Pension Benefit Guaranty Corporation
Dept. of Insurance Supervision and Compliance
Addresses the division of retirement benefits during divorce or        1200 K Street N.W., Suite 270
legal separation.                                                      Washington, DC 20005-4026
Compliance Assistance Guide:                                               For additional information, visit PBGC’s Web site: www.pbgc.gov.
insurance issuers under Part 7 of Title I of ERISA, including provi-
sions of the Health Insurance Portability and Accountability Act.
Also includes sample language that may be used to meet disclosure
Toll-free number: 1- 866-444-EBSA (3272)
"best employee benefits"
http://img.docstoccdn.com/thumb/206/16936.png
2006 Tax Form 5307
2006 Tax Form 5500SR
Supplemental Executive Retirement Plan - TOLL BROTHERS INC - 9-1-2006
Cash Balance Pension Plans The New Wave
ECBEL_September_2008_addendum
1 Part III – Administrative_ Procedural and Miscellaneous Cash Select Executive Retirement Plan - ARROW FINANCIAL CORP - 3-6-2009