Form 5500 Filing for Welfare Plans: The IRS/DOL requires that non-religious and non-government establishments file an annual Form 5500 when the participation on ERISA-covered benefits equals or exceeds 100 persons. Our fee for doing this is $390 + $25 for each Schedule A (commission schedule).
ERISA compliant Summary Plan Descriptions (SPD): Every ERISA-covered health plan, regardless of participation level requires a SPD that must be distributed to eligible employees within specific timeframes. Many carriers publish documents called Summary Plan Descriptions, but oftentimes they are not ERISA compliant. It is not the carrier nor the broker’s responsibility to provide these. It is the plan sponsor/employer responsibility. Our fee for development of this document is $550.
Summary of Material Modification (SMM): SMMs are used to keep an SPD up-to-date. When changes are made to the health plan, they can be instituted through an SMM. We write SMMs for these changes, and based on the scope of the change our fee is $75-$150.
Section 125 Non-Discrimination Testing: Every section 125 health plan must undergo annual non-discrimination testing to ensure it does not favor highly compensated employees. This is a complex test that must be kept on record with the employer, and in the event of an audit these documents may be required by the IRS or the DOL. We are developing the software for this product – upon release, we expect to charge between $95 and $190, depending on the size of the employer group. Our group maximum is 500 employees.
HR/ACA Related Consultative Services: For Benefit Next clients, our hourly non-travel fee is $95 per hour. Custom project pricing is also available.