Upcoming Fall and Winter Compliance Deadlines

Summary Annual Report (SAR): A summary annual report (SAR) is a boiled-down summary of the Form 5500. A SAR is required for any plan subject to Form 5500 filing, except for self-insured plans without any segregation of assets in a trust or otherwise (unfunded).

• Calendar Year Plans - September 30 deadline applies to ERISA plans that filed Form 5500 on or before July 31, 2022.
• Non-calendar year plans - the SAR deadline is nine months after close of the plan year or two months after the plan’s extended 5500 deadline.

Medicare Part D Notices: Employers offering prescription drug coverage must issue the Notice of Creditable Coverage to individuals by October 14.  Model disclosure notices are available on the CMS website.

Note: Employers may provide the notice any time during the 12 months preceding October 14.
For more information, review Amwins Compliance Alert - Part D Creditable Coverage Disclosures
 

November 15 to

December 15

Effective 2022, Plans must submit certain information about prescription drug and health care spending to the Departments annually.  First deadline for Drug Cost Reporting is December 27, 2022. 

For more information, review Amwins Connect Guidance-CAA-Drug Cost Reporting Requirements
 

MLR Rebate Distribution: ERISA plan sponsors who received a Medical Loss Ratio (MLR) rebate on September 30th must pay the appropriate rebate amount to participants. If a plan sponsor paid the entire cost of the insurance, the employer could retain the entire rebate. 

The most common situation is when the plan sponsor and participants contribute toward the cost of coverage. In this case, the plan sponsor must determine the portions of the total plan cost contributed by both parties so the MLR rebate can be allocated among participants, plan costs, and the employer. 

Plan sponsors must first determine total participant contributions for the year used to calculate the MLR rebate. Current rebates are based on premiums paid to the carrier for the calendar year 2021.

For Carrier specific rebate information review Amwins Connect Medical-Loss-Ratio MLR Results 2021 Plan Year

Employers sponsoring prescription drug plans must report to CMS within 60 days after the beginning of the plan year regardless of whether the coverage is creditable.

For plan years beginning September 1, 2022 – due October 31, 2022
For plan years beginning October 1, 2022 – due November 30, 2022
For plan years beginning November 1, 2022 – due December 30, 2022 (Dec 31st is a Saturday)
For plan years beginning December 1, 2022 – due January 30, 2023

For more information review CMS Medicare Prescription Drug Creditable Coverage Disclosure Form and Instructions