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Update: Form 5500 Implementation

May 04, 2009

For plan years beginning Jan. 1, 2009 and after, the U.S. Department of Labor (DOL) is requiring employee benefit plans to include the value of meals, gifts, sporting event tickets and similar items provided by insurers and service providers to brokers, consultants and other service providers on 5500 Schedule A and C filings. This is in addition to the monetary commission and bonus/override compensation currently reported on these schedules.

As the insurer or administrative service provider to these plans, Anthem Blue Cross is required to track and report this information to the plan administrators in a timely manner so they can complete the appropriate schedules.

Realizing that the disclosure of this information may affect your client relationships, Anthem Blue Cross wants you to be aware of how they plan to implement these new reporting requirements rules. Please see the attached Form 5500 Reporting Mandate Overview and FAQ (updated 4/21/09) for details.

If you have additional questions, please contact your B&P Group Sales Representative.
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