2024 Dashboard Enhancements
We are now in our 6th year with the Dashboard, and just like Microsoft and Apple, we continuously evaluate where we can add enhancements to create a better and faster experience for you. Setting up a client’s Form 5500 is critical for their compliance needs, but entering the data should not be a challenge for you.
Here are the current enhancements in place now:
1. Level Funded Benefit
You can now specify if your medical benefit is level funded, and if Level Funded is checked, “Medical” will be listed in the 5500’s Summary Annual Report (SAR). In addition, by checking this box, the note on needing a trust will come into view for your consideration.
[For many who have a level-funded arrangement, the reserves set aside are held by the TPA in an account segregated from the employers. This could lead to the need for a trust.]
2. Direct Access to the PDF of the e-Filed Form 5500
When we send you an email notification that your 5500 has been e-filed, a hyperlink will be included, giving you immediate access to the PDF of the Form 5500 posted on the DOL’s EFAST2 website. See below.
3. Process Deadlines and Timelines
Many ask what timeline we follow for our 5500 process. We outline our timelines in our document, Wrangle’s Best Practices Timeline and provide a link for you to review it in the Dashboard (at the top of any plan sponsor page). See below.
4. Signer Name
If the 5500 signer’s name is left blank in the Dashboard’s Plan Sponsor page, a note will pop up to alert of the missing field.
5. Notes to Broker
These notes will be authored by the Ascensus Wrangle team and seen by brokers, but brokers can’t edit or add a note here. These notes will show up in the exported PDF.
6. Schedule A Status Enhancement
You will upload a Schedule A for a policy in the same manner as you have in the past. New for 2024 is the status symbol. The green circle with the check mark will not initially be in place after a Schedule A has been uploaded. Instead, there will be an image of a clock. Once your Ascensus Wrangle team has reviewed to make sure the Schedule A is accurate for the 5500 filing, the green circle with the check mark will be in place.
7. Status Reports:
Prior to 2024, the status report stated that the filing had been e-filed. Going forward, the date when the 5500 was e-filed, will also be listed.
If you are interested in watching a pre-recorded presentation of our process and a Demo of the Dashboard, click here. The training is under 40 minutes. You can also contact Ann McAdam at amcadam@wrangle5500.com to schedule a live team training for your office.
These enhancements were a result of listening to your needs and requests. Our job is not only to prepare and e-file Form 5500s for you and your clients, we also take to heart to be a solid partner working and collaborating with you.
If you have any questions, feel free to contact Ann McAdam at amcadam@wrangle5500.com.