The Department of Labor, in collaboration with the Internal Revenue Service and the Pension Benefit Guaranty Corporation, are currently working on a proposed rule (RIN: 1210-AC01) to revise reporting requirements for employee benefit plans through Form 5500. This rule is expected to be released in September.
House Democrats have called for stronger reporting requirements for self-funded health plans in the annual disclosure process, believing that this step is crucial for ensuring transparency and accountability in employee benefit plans. Ranking member Bobby Scott and Subcommittee ranking member Mark DeSaulnier have also expressed their support for enhancing these reporting requirements, as they believe it is essential for providing better oversight and protection for plan participants.
They believe that this is an important step to ensure that employees have access to quality and affordable health care benefits. They argue that strengthening reporting requirements will help prevent fraudulent activity and improve the overall integrity of self-funded health plans.
