Is there any ERISA reporting relief for large unfunded or insured plans?
Larger unfunded or insured plans (with 100 or more participants) are also exempt, to a more limited extent, from complying with some of the annual reporting requirements of ERISA. These plans need not:
- complete certain items of the annual report relating to financial information and transactions entered into by the plan;
- engage an independent qualified public accountant to conduct an examination of the financial statements and schedules of the plan; and
- include in the annual report a report of an independent qualified public accountant concerning the financial statements and schedules required to be a part of the annual report.
However, they must still file the annual report, although they are exempt from some of the financial disclosure rules of the annual report.
In addition to having 100 or more participants, benefits must pay benefits through the employer's (or employee organization's) general assets or insurance contracts or health maintenance organizations to qualify for this reduction in reporting burden.