Fourth Quarter is not just a time to have open enrollment and the benefit decisions in place for the new year. It also requires some attention on the ERISA reporting and disclosure front, including amendments for Plan documents. As a reminder, here are the highlights along with a special note regarding Wrangle’s amendments for the Section 125 Cafeteria Plan Documents.
Health and Welfare Form 5500:
- October 15: Due date for 2024 calendar plan year filings that had the extension
- December 15: Deadline to distribute the Summary Annual Report (SAR) to Plan Participants if the Form 5500 was extended to October 15
Plan Documents and SPDs:
- Best to double-check and be mindful of amendments for your Plan documents within the Plan year. They are to be reported to Plan participants in the form of a Summary Material Modification (SMM).
- Timeframes to keep in mind:
- 210 days (approximately seven months) after the end of the Plan year. Plan years that end in March through May could have an amendment distributed in the fourth quarter.
- 60 days from when the change is adopted, if the change was a reduction in benefits. Open Enrollment materials for a January 1 Plan year that has a reduction in benefits may want to include the SMM.
- Timeframes to keep in mind:
Reminder: Open Enrollment material can serve as an SMM if the proper language is included to notify participants that the open enrollment materials serve as an SMM:
- The material is to include a section on “What’s Changing for the New Plan Year”. For example, a box at the top of OE material would state:
This section constitutes a Summary of Material Modifications to the Summary Plan
Description (SPD) for the [Plan Name Here], thereby modifying the information
previously presented in the SPD with respect to the Plan. Please keep a copy of this
SMM with the SPD previously provided to you.
Special note: Wrangle will have legislative amendments for our Section 125 Cafeteria Plan Documents that include Dependent Care FSA and Health Savings Accounts; it is tied to the OBBBA (H.R. 1 as amended by H.Res. 492 (2025)) bill. This is a mandatory legislative change for the HSA and an optional change for the Dependent Day Care FSA maximum. An email announcement will be provided in the 4th quarter, and the amendments will be available for download to customize free of charge for those who use Wrangle’s documents.
Annual Notices:
- For many, annual notices including Medicare Part D Credible Coverage are released in the Fall during Open Enrollment or just in the fourth quarter as their standard. Be sure to check when groups plan to release. Keep in mind that the Medical Part D is due by October 15.
For questions or requests, please send an email to Ann McAdam at amcadam@wrangle5500.com.