Wrangle Blog
Preliminary Details on the 2024 Form 5500 and Form 5558
Need a break from hearing about deadlines? We have good news to share on what to expect for 2025! Form 5500: First, we have been informed by the DOL* that the 2024 Form 5500 will have no changes for health and welfare; most are behind-the-scenes updates for functionality. We were given...
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What to Do for the 7/31 Crunch Time
Oh no! I have a January 1 plan year client with a Form 5500 due date of 7/31/2024. I have not started working on their 5500. Is there still time to get this into the Dashboard? Will I have a Form 5500 report ready by the deadline? If not,...
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Potential Plan Document Amendment Due Date Coming Up in July
Calendar Year Plans that had a change to the Benefit Plan within 2023 require the summary material modification (SMM) document to be distributed to Plan participants attached to the SPD by July 28th. This may raise some questions: Why July 28th? If the Wrap Plan Document has a shelf life...
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Important Reminders on Signing the Form 5500 and Wrangle’s Extension Process
For many who have the January 1 Plan year, late June is when the Plan Administrator is being called for duty to sign the Form 5500s. Here are key reminders on signing. Please read below to learn when we will initiate the extensions: 1. The Department of Labor only requires...
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Commissions and the Schedule A
Brokers’ bread and butter are the commissions from insurance contracts. As to be expected, careful attention is placed on how the commissions are reported by the insurance carriers on the Schedule As. (Fully understanding also helps those stay competitive as they consider potential prospects for future business.) To help...
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RxDC and Other Reporting Requirements
Wrangle has received questions and requests for assistance on RxDC reporting. We recently expanded our referral partnership with ACAPrime to help bring information and resources on RxDC reporting to you. This is timely considering the report is due on June 1st. This blog outlines the key attributes to know...
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New Features on the Plan Docs/NDT Platform & Key Reminder on POP Plan Docs
We are thrilled to bring you the latest developments regarding the Plan Docs/NDT Platform (Platform). Additionally, we’re happy to share details about the frequently requested inquiries on Premium Only Plan (POP) documents. Platform’s New Developments For those who have Form 5500 Report details housed in our 5500 Dashboard (Dashboard), entering...
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Self-Insured STD Benefits and Payroll Practice
When self-insured short-term disability (STD) is listed to be included in the Form 5500, we often do a double take. This benefit, under this funding arrangement, is more than likely exempt from ERISA, as it is labeled as a “payroll practice.” As a result, this benefit would not be...
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EBSA Raised the Civil Penalties
The last time the DOL’s EBSA raised the penalties listed in their Enforcement manual was in the 1990’s. In our conversations with the DOL, they have verbally confirmed that those penalties are being increased. Currently, the revised penalties are only being found in the penalty letters that the DOL...
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