1. Examine Form 5500 filing requirements for health and welfare plans, including how to correct delinquent filing situations.
2. Analyze the compliance requirements for cafeteria plans.
3. Identify the tax benefits and practical applications of cafeteria plans, FSAs, and HSAs.
Health and welfare plans are commonly neglected by plan sponsors who are misinformed about reporting and compliance requirements. In this session we will explore the Form 5500 for health and welfare plans and how to utilize the delinquent filer voluntary compliance program, as well as wrap plans to simplify and minimize penalties.
We will discuss cafeteria plan compliance including plan document requirements, nondiscrimination testing requirements, and flexible spending accounts for health care and dependent care, including the use-it-or-lose-it rule, status change events, what items qualify for reimbursement, the pretax premium option, and HSAs.
We also will address the tax benefits of these plans as well as various practical applications, including how to increase participation in cafeteria plans.