We want to give you a jump start on 2020 by learning what the DOL has in place for the 2019 Form 5500, as well as what we have in store for Wrangle’s Dashboard 2.0 model.
2019 Form 5500
At a time when brokers are barraged with changes for the New Year, the Department of Labor extended a helping hand when it released advance information to Wrangle on the 2019 Form – there are no changes to be made!
The transition from the 2018 Form to the 2019 Form will be very easy for everyone.
This is ironic considering at one point back in 2016, efforts were made to have the 2019 Form 5500 experience monumental changes, such as being required for small groups and including a very detailed new Schedule J.
Wrangle has corresponded with a number of ERISA attorneys, and unanimously, they declared that these once-requested changes are not to be implemented for the foreseeable future. Nevertheless, Wrangle continues to monitor because we have learned that anything is possible.
This is especially the case since the Congressional Committee on Education and Labor sent a letter in May of this year to Secretary of Labor Acosta, encouraging for the proposed Form 5500 changes to be implemented to allow transparency. There have been no results; however, the letter indicated that there are those who want the changes to be in effect.
The PCORI Fee [the Patient-Centered Outcomes Research Institute], an excise tax paid by health insurers for fully insured plans and Plan Sponsors for self-insured policies, originally was to be phased out after 2019 (tax conveyed on Form 720). There is a group in Congress that is working to extend the tax for another ten years to continue to have funds geared towards research on clinical treatments and economic impacts. There is a good likelihood that the bill will pass in 2020. Wrangle will monitor and report back with any new developments.
Wrangle’s Dashboard Improvements
On the flip side, Wrangle will introduce improvements to the look and feel of our Dashboard. Per Lynda Taylor, this is all for the good …
Each year Wrangle looks for ways to improve upon and make the 5500 process easier. At the beginning of 2020, Wrangle will release version 2 of the Dashboard. The enhancements will streamline how information is shared and the user’s experience as they move around the Dashboard.
What can you expect?
1. The process remains the same, including the release of reminder emails and the usage of DocuSign.
2. When you enter the Dashboard, you will have more of an overview of the Plan Sponsor and then will drill down to the individual plans.
Overall, the same intuitive approach will be in place, with help throughout the various data fields. And, of course, Wrangle will be available for demonstrations on the tips and tricks for using the Dashboard to its fullest potential. We will have prepared cheat sheets, pre-recorded training sessions, etc. We want to make sure you have just what you need at your fingertips.
For more information, feel free to reach out to Ann McAdam, Technical Consultant at firstname.lastname@example.org.