ERISA Compliance

Our services includes Wrap Documents, Premium Only Plans, Form 5500 Filing, and Non-Discrimination Testing!

ERISA Compliance

The Employee Retirement Income Security Act (ERISA) is a federal law enacted in 1974 that sets minimum protection standards for individuals participating in most employer-sponsored group health and benefit plans. Employers that sponsor ERISA group plans must comply with these set standards or open themselves to potential plan disqualification and/or penalties. For many years, the enforcement of these set standards lacked and noncompliance became the norm. Times have changed though, in large part due to The Affordable Care Act. The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) has been tasked to ensure the integrity of the private employee benefit plan system. As a result, noncompliance now equals fines! In fact, EBSA’s audits resulted in a total of 1.6 billion in monetary collections in 2013, which makes it critical for employers to get there house in order sooner than later!

What We Can Do

Wrap Document Service


Form 5500 Filing

Non-Discrimination Testing

OCA’s ERISA compliance services offer simple and inexpensive compliance solutions!

OCA’s ERISA compliance services offers a simple, inexpensive compliance solution!  We’ll provides a cost-efficient solution to avoid the headaches of lengthy audits and the fear of significant civil penalties! Our services includes Wrap Documents, Section 125 Premium Only Plans, Form 5500 Filing, Non-Discrimination Testing, and ERISA Assessment Tools! We’ll even provide a free ERISA evaluation to see how compliant your are.

Frequently Asked Questions

Form 5500, Annual Return/Report of Employee Benefit Plan, is the form used to file an employee benefit plan’s annual information return with the Department of Labor (“DOL”). Form 5500 Schedule A comes from the insurance carriers.

Who has to file?

Only groups with 100 or more enrolled at the anniversary date each year, except for government and church groups. You must file a Form 5500 for every Health and Welfare Plan of a 100+ group with Schedule A.

What must be filed?

Form M-1 is required to be filed by certain MEWAs (Multiple Employer Welfare Arrangements) and entities claiming not to be MEWAs due to the exception for collectively bargained plans (i.e., entities claiming exemption). The 2013 Form 5500 for a welfare benefit plan must include an attachment indicating whether the plan was subject to the Form M-1 filing requirement for the 2013 plan year. Plans required to file Form M-1 must provide information about their Form M-1 filing compliance. Even though most plans will not be required to file Form M-1, they must include the attachment and state that it was.

Penalties for failure to file can be costly.

In addition to possible criminal penalties for willful Form 5500 failures, the plan administrator is subject to penalties of up to $1,100 for every day a Form 5500 is missing or incomplete.

How is it filed?

The Form 5500 must be filed electronically using the EFAST2 system at

How can I obtain an extension for filing?

An extension is only available if applied for on or before the Form 5500 due date. Form 5558 can be filed for an automatic 2½ month extension (e.g. for a calendar year plan, to October 15th). The Form 5558 must be filed with the IRS in paper format on or before the due date of the Form 5500. Once your due date has passed, the Form 5500 must be filed through the DFVC program.

5500 and Wrap Document Review

Plan sponsors may unwittingly increase their Form 5500 obligations when adopting an Umbrella Wrap. For example, an employer that offers dental coverage with 70 participants and vision coverage with 40 participants (only 10 of whom also have dental coverage) may subject itself to Form 5500 requirements for the first time when the benefits are wrapped (i.e., because there are now 100 participants in a single plan).

Still have questions?

Ready to Make a Change?

We’d love the opportunity to showcase how we can help with your ERISA Compliance services!