Don’t Overlook These ERISA-Reportable Benefits

When it comes to Form 5500 reporting, most of us think of the usual suspects: medical, dental, vision, life, AD&D, LTD, STD, and similar core benefits. What about those less obvious plans that still fall under ERISA? If you’ve ever wondered which benefits go beyond the basics, this guide is for you. If you need deeper insights, we’re here to help.

Commonly missed ERISA-reportable benefits

• Telehealth and Teledoc Services
• Health FSAs and HRAs
• Employee assistance programs (EAP) – including those embedded in LTD or Life policies
• Business Travel Accident (BTA)
• Pre-paid legal services
• Long-term care (LTC)
• Plans covering participants in U.S. Territories (American Samoa, Marianas, Guam, Puerto Rico, U.S. Virgin Islands)
• Smoking cessation programs
• International policies
• Formal severance plans
• Voluntary benefits (e.g., disability, life, cancer, hospitalization coverage)

Important note:

If participants pay 100% of the premium but the plan sponsor allows pre-tax dollars, the benefit does not meet the safe harbor test and is ERISA-reportable. Many voluntary benefits endorsed by the plan sponsor also fall under ERISA.

Reporting FSAs and HRAs

Both Health FSAs and HRAs are considered self-insured plans and must be reported. Here’s what that looks like:

• No Schedule A required
• Check “General Assets” on page two of Form 5500
• Use benefit code 4A (medical)

Benefits typically excluded from ERISA

• DCAP (Dependent Care Assistance Program)
• HSAs
• Most state-mandated short-term disability Plans
• Dependent daycare
• Transportation benefits
• Most HSAs
• Section 125 Premium-Only Plans (POP)
• Educational assistance and vacation plans
• Pet insurance
• Payroll practice benefits
• Identity theft protection

Bottom line:

ERISA reporting isn’t just about the obvious benefits. Make sure you review all offerings, especially voluntary and ancillary plans, to stay compliant. When there is uncertainty, it is best to seek the advice of an ERISA attorney.

For questions or for further information, please contact Ann McAdam at amcadam@wrangle5500.com.