Form 5500 - Schedule I is an important document that must be completed by certain employers who sponsor a group health plan. Here are some relevant points for understanding who should complete this form:
1. Employers with 100 or more participants: The primary requirement for filing Form 5500 - Schedule I is being an employer who sponsors a group health plan and has 100 or more participants. This includes both active employees and non-active employees, such as retirees or former employees who still receive health plan benefits.
2. Fully insured and self-insured plans: Regardless of whether the employer's group health plan is fully insured or self-insured, if they meet the participant threshold, they are required to complete Schedule I along with the Form 5500.
3. Multiple health plans: If an employer sponsors multiple group health plans, each exceeding the 100 participants threshold, they will need to file a separate Schedule I for each plan.
4. Reporting financial information: The purpose of Schedule I is to provide financial information about the premiums paid for the health plan and any other relevant financial data. This includes contributions made by both the employer and the participants, as well as any separate accounts established under the plan.
5. Third-party administrators (TPAs): If an employer uses a Third-Party Administrator to handle the plan's finances, the TPA may be responsible for completing Schedule I on behalf of the employer. However, the ultimate responsibility for the accuracy and completeness of the form lies with the plan sponsor.
6. Deadline and filing requirements: Schedule I must be filed along with Form 5500, which is an annual report that provides information about the financial condition, investments, and operations of the employer's benefit plans. The deadline for filing the Form 5500 and Schedule I is the last day of the seventh month after the plan year ends, but extensions may be available upon request.
It is important for employers to understand whether they meet the criteria for completing Form 5500 - Schedule I, as non-compliance can result in penalties and legal consequences. Consulting with a benefits specialist, accountant, or legal expert familiar with ERISA (Employee Retirement Income Security Act) regulations can provide further guidance specific to an employer's situation.