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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
from Spencer’s Benefits Reports: The Department of Health and Human Services (HHS) has provided additional guidance regarding the application the Early Retiree Reinsurance Program (ERRP) to help the sponsors who submitted incorrect or incomplete applications. HHS has provided three methods of correcting problems:
First, HHS notes in an update to its ERRP information that some plan sponsors may have submitted their ERRP applications on the official form, but before having had the chance to review the version of the frequently asked questions (FAQs) document that was published on June 29.
Such sponsors should not submit another application. HHS is developing a process to identify applications that may include an incorrect or incomplete response as a result of the sponsor not having access to the additional FAQs that were posted on June 29. When such responses are identified, HHS will give sponsors a chance to submit additional information as an attachment to support the original application. The sponsor’s account manager will be contacted via telephone or email in these situations. Sponsors that may have already submitted a second application, after the June 29 FAQs were published, should not contact HHS. HHS is developing a process to respond to those situations.
Second, certain applicants were having difficulty with the on-line application that was posted early on June 29. A revised copy of the application has been posted that accommodates the entering of numeric sequences that start with zeros in fields requiring numbers (e.g., EIN, phone numbers, etc.). If an applicant had this problem with the early version of the application, HHS will accept what was submitted and contact the sponsor if necessary to ascertain the correct data before making an application determination. Applicants who had completed and submitted the early version of the application but who did not experience a problem entering zeros, do not need to re-complete their application form.
Third, there has been some confusion about how applications should be submitted. Applications should be submitted through the U.S. Postal Service. However, if a sponsor submitted its application in another manner, the application will be accepted for processing, provided the application is otherwise acceptable for processing. However, for operational reasons, HHS prefers sponsors to use the Postal Service. If an applicant submitted an application via a carrier other than the Postal Service, and it was accepted at the address listed on the official application, do not re-submit the application. Sponsors that may have already submitted a second application, should not contact HHS. HHS is developing a process to respond to such situations.
For more information, visit http://www.hhs.gov/ociio/regulations/errp/index.html.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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