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Simplified ERISA Form 5500 Reporting

Mar 24, 2010

New System, New Process Will Simplify ERISA Form 5500 Reporting

 

To more effectively implement the new Department of Labor ERISA Form 5500 requirements for reporting non-monetary and indirect compensation on Schedules A and C, Anthem Blue Cross is centralizing and standardizing the production of reports.

The new online system will do the following:

With the new system, Anthem Blue Cross will be able to produce reports for all customer accounts within 120 days following an account's policy end date each year. Reports will be mailed directly to clients, beginning in late April. Note that accounts with enrollment on multiple systems will receive a separate report for each system.

Due to the new requirements and reporting system, Anthem Blue Cross will be unable to accommodate individual requests for early distribution of the report.

Reportable non-monetary compensation

On Schedule A reports, non-monetary compensation (entertainment, gifts, etc.) will be included with bonus and override payments and show only as an aggregated (total) dollar amount in the "Other Compensation" category.

On Schedule C reports, non-monetary compensation will be included with commission, bonus and override payments and show only as an aggregated dollar amount in the category of Indirect Compensation paid to brokers.

If you have any questions, please contact your Group Sales Representative.

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