The Department of Labor website explains that the Fair Labor Standards Act (FLSA) “establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments.”
ERISA Annual Report (Form 5500) Most employers are familiar with filing Form 5500, or the Annual Report of Employee Benefit Plan, for their retirement plans, but some employers are surprised to learn that these forms must also be filed if the employer has 100+ participants in their health and welfare plans. They must be filed by the last day of the seventh month following the end of the plan year (for calendar year plans that means July 31st). The purpose of the Form 5500 is to provide information on the operations and financial conditions of the benefit plans offered. The Department of Labor (DOL) has proposed significant changes that would take effect, primarily in 2019. Employers should start familiarizing themselves with the potential in preparation now. If you have questions about the Form 5500 filing or ERISA, we recommend you reach out to your employee benefits broker/consultant.