Multiple benefit offerings—such as medical, dental, vision, life, and disability insurance—can be reported on a single Form 5500 if they are grouped under one ERISA plan.
How this works:
A Wrap document can combine several benefits into a single ERISA plan with one plan number, one SPD, and one Form 5500 filing. This simplifies compliance and reduces paperwork.
What’s required:
-
The Wrap SPD must clearly define the included benefits as part of one consolidated plan.
-
All benefits must share the same plan year and plan number for filing purposes.
-
The employer files one Form 5500 for the combined plan, reporting the total number of participants and attaching a Schedule A for each insured benefit.
Employers who don’t use a Wrap will likely need to file a separate Form 5500 for each benefit that meets the filing threshold.