October 1, 2009 ERISA Form 5500 Update [Group Markets] As previously communicated, as a service provider to ERISA-covered Plans for whom we administer health, dental and life benefits, Blue Cross and Blue Shield of Illinois (BCBSIL) must comply with the expanded Department of Labor regulations for Form 5500, which expands the type of compensation that BCBSIL will report to its group customers. Beginning in October, BCBSIL will communicate the attached information to Although we are still in the process of finalizing our procedures for reporting the non-monetary compensation, we have decided that non-monetary compensation will be determined using an estimation method. In addition, we expect that the non-monetary compensation, which includes gifts, meals and entertainment, will be reported to the customer as a single line item under the category “miscellaneous gifts, meals and entertainment.” We know that you will have questions about the information BCBSIL will be sending to your customers to support their ERISA Form 5500 reporting obligations. Additional details about this information will be communicated to you as they are finalized. For more information on the ERISA Form 5500 changes, please refer to the Department of Labor Web site at http://www.dol.gov/ebsa/faqs/faq_scheduleC.html
|
