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Employee Benefits & ERISA Law

2004 Form 5500 Filing Deadline for Calendar Year Plans. Calendar year plans were required to file Form 5500 by July 31, 2005.  If a request for extension was filed (Form 5558), that deadline was extended 2 ½ months.  The applicable deadline for filing a Form 5500 under an extension for the 2004 plan year was October 15, 2005.

 

New Final HIPAA Portability Regulations. The final regulations apply for plan years beginning on or after July 1, 2005.

 

2004 Form M-1 Filing Deadline for MEWAs. MEWAs had until March 1, 2005 to file Form M-1 with the EBSA for the 2004 plan year.  If a request for an extension was filed, that deadline was extended 60 days. The applicable deadline for filing a Form M-1 under an extension for the 2004 plan year was May 1, 2005.

 

HIPAA Security Rule.  Compliance with the Security Rule was required by April 20, 2005 for most plans.  Small plans (those with less than $5 million in annual receipts) had until April 20, 2006.

 

New Automatic Rollover Safe Harbor Regulations. The “new” regulations providing a safe harbor for the automatic roll over of certain distributions from qualified plans that provide for a mandatory “cash-out” were effective as of March 28, 2005.  Plans were required to be in operational compliance by that date and applicable amendments were required to be adopted before the end of the plan year.

 

The California Insurance Equity Act (AB 2208) (Domestic Partner Coverage).  AB 2208 took effect January 2, 2005 for health plans (this means January 1, 2006 for calendar year plans) and January 1, 2005 for all other insurance policies.

 

 

New Legislation Affecting Non-Qualified Plans: effective January 1, 2005.  The American Jobs Creation Act of 2004 was signed into law on October 22, 2004 and became effective with respect to amounts deferred on or after January 1, 2005 (and with respect to existing plans which are materially modified after October 3, 2004).  IRS Notice 2005-1 provides transitional relief and a window of opportunity to either terminate or bring existing nonqualified deferred compensation plan documents into compliance before December 31, 2005.  Operational compliance was required beginning January 1, 2005. We would be happy to assist you in reviewing the application of the new law to your employee benefit plans and executive compensation arrangements. 

 

New Definition of Tax Dependent. The new definition of tax dependent was effective January 1, 2005.

 

Compliance with the New COBRA Notice Regulations. The “new” COBRA Regulations are effective as of the first day of the first plan year on or after November 26, 2004. For calendar year plans, this means January 1, 2005.

 

Veteran’s Benefits Improvement Act of 2004 (USERRA Continuation Coverage).  This law, which was signed and effective December 14, 2004, requires, among other things, the extension of continuation coverage from 18 to 24 months and the provision of a notice of rights and obligations to employees.

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Important Benefits Deadlines

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