Overview
Employee benefits are compiled monthly from the Department of Labor. Employers use a Form 5500 to disclose employee benefit details to the Internal Revenue Service (IRS) to ensure the employer operates in accordance with the law.
Examples of benefit plans are health insurance plans and 401(k) retirement plans.
Plan Details
Each employee benefit plan includes details such as term and number of participants.
The term defines the timeframe between the effective date and expiration. Typically, benefit plans go into effect shortly after a period of active enrollment and do not necessarily follow a calendar year.
The number of plan participants changes throughout the term as employees join and leave the company. Participants are considered "active" if they are currently employed by the company. Total participants may include former employees who are still eligible for benefits.
See also:
benefit_plans.name- Name of the benefit plan.benefit_plans.term- Beginning and end dates of the plan year.benefit_plans.effective_date- Effective date of the plan.benefit_plans.carrier- Name of the insurance carrier.benefit_plans.contract_number- Contract number of the plan.benefit_plans.short_form- Indicates the short form for small businesses.benefit_plans.active_beginning_participants- Number of active participants at the beginning of the plan year.benefit_plans.active_ending_participants- Number of active participants at the end of the plan year.benefit_plans.total_beginning_participants- Total number of participants at the beginning of the plan year.benefit_plans.welfare_benefit_types- Types of welfare benefits of the plan.
Broker Information
The broker is the agent to whom commissions and fees are paid.
See also:
benefit_plans.broker_city- City of the agent or broker.benefit_plans.broker_name- Name of the agent or broker to whom commissions/fees are paid.benefit_plans.broker_postal_code- Postal code of the agent or broker.benefit_plans.broker_state- State of the agent or broker.benefit_plans.broker_street- Address of the agent or broker.
Funding and Benefit Arrangements
Arrangements are the methods by which the plan provides funding or benefits to participants, such as insurance plans and trust funds.
See also:
benefit_plans.benefit_arrangements- Benefit arrangements for the plan.benefit_plans.funding_arrangements- Funding arrangements for the plan.