miEdge™ announces technology readiness to incorporate DOL proposed Form 5500 changes to include employers with under 100 eligible employees

New Boston, NH – July 14th, 2016, miEdge™ the premiere provider of Form 5500 health & welfare prospecting and data analytic solutions, announced today their technology readiness to incorporate the proposed Form 5500 changes for under 100 participants, effective for plan years 2019. The proposed changes would expand Form 5500 reporting requirements to include employers with under 100 participants for both fully funded and self-funded employee benefit health & welfare plans.

Mark Smith, Founder & CEO of miEdge comments, “The proposed changes to include every employer, regardless of size, will significantly advance our ability to provide data in the miEdge prospecting solutions. The proposed changes will add millions of employers that did not previously need to file and the greater the transparency, the more competitive the free market becomes.  The proposed changes will ultimately benefit the employers themselves.”

Summary level information on the proposed Form 5500 changes that would be effective for plan years 2019
There are other proposed changes regarding DFE’s and some general amendment changes. This summary represents the most significant core changes and we will provide ongoing commentary as more information becomes available.

Proposed Change 1 – Revisions to Group Health Reporting including the addition of Schedule J

Under this proposed rule, ALL Welfare plans that provide group health plans are required to file a Form 5500 and attach Schedule J, in addition to any other schedules that would also apply.  At this time Schedule J appears to focus on the Insurance Carriers, premiums and funding, Compliance with the ACA provisions, plus some additional focus on Self-Funded plans. One major component that appears to be omitted is a requirement for broker name and commission to be disclosed.

Proposed Change 2 – Changes to Schedule C
Under this proposed change, Group Health Benefits with fewer than 100 participants’ that are funded with a trust must also file a Schedule C (currently the rule applies to over 100). There is also a proposed revision to eliminate “Eligible Indirect Compensation” now ALL indirect compensation received by service providers would be required to report by all plans.

Proposed Change 3 – Removal of Schedule I and Changes to Schedule H
Under this proposed change, Schedule I would be eliminated.  This applies to retirement small group plans currently.  If the filer is not eligible to file a Form 5500 SF then they would be required to file a Form 5500 with Schedule H instead.  One of the biggest changes to Schedule H is the proposed revisions to line 4i.  Assets held for investment and assets disposed of during plan year.  There are also some additional compliance questions being proposed.

Proposed Change 4 – Restoration of Schedule E (Applies to ESOP’s Only)
Under this proposed rule change, ESOP’s will be required to file Schedule E.  This Schedule was removed as part of the revisions to Form 5500 series on 2009. 

About miEdge
miEdge™ is the leader in prospecting solutions specifically designed for insurance & financial professionals. The innovative miEdge solution utilizes Form 5500 data from the Department of Labor and applies proprietary business logic, along with algorithms and data cleansing to provide unrivaled data intelligence in an easy to use intuitive interface. miEdge technology solutions include; employee benefits health & welfare and retirement prospecting, health & welfare analytics and advertising solutions. Visit to learn more.

Tags: Prospect New Business, insurance leads, DOL, , Department of Labor, , miEdge

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Customers Who Have the Edge...
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miEdge is the first tool we have found that can provide us real time 5500 data intelligence. The data is up to date and accurate so we feel confident using its dynamic search feature to find companies that may be out of compliance. As a UBA member firm, our partnership with miEdge is invaluable.
Trygve Halverson
Vice President, Granite Group Benefits
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miEdge has been a life saver on time and energy to identify the right prospects in our area! It's up to date technology and sorting features makes it easy to track, identify, and develop the proper marketing strategy to land new business. We would highly recommend this system to all.
Bryan G. Yates
Business Serv & Dev Advisor, The Bagnall Company
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We have used FreeERISA, Judy Diamond and many others, but nothing compares to the user-friendly miEdge system. Their 5500 information is very accurate and updated regularly. We've found this gives us a distinct advantage when meeting with a prospect to discuss fees and whether they are in compliance. If you're considering purchasing a prospecting database, I would highly recommend you contact the miEdge team for an overview.
Tim Elkin
Regional Territory Executive, Vitals-SmartShopper
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Landmark Benefits has been using miEdge for a couple years and have found the product to be instrumental in our dramatic growth during this time.
Thomas M. Harte
President, Landmark Benefits, Inc.
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miEdge has allowed DeWitt Stern to focus its energy on the market segment that fits our service model. miEdge is not just a user friendly competitive data base, but a resource which enables us to create comprehensive client specific intelligence used in peer benchmarking. Our client and prospects appreciate the fact that we have taken the time to understand them before we meet. miEdge made the public 5500 data always available, usable in a dynamic, but accurate format. We look forward to growing with you.
Edmund J. White
Managing Director, DeWitt Stern Group Planning Services, LLC.
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miEdge has been a game changer for prospecting! Easy to use, tons of search parameters, easily extractable data and great customer service. I can’t imagine doing without it! Thanks miEdge!

Michael Rider
Employee Benefits Insurance Agent, AssuredPartners NL
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miEdge has been the most effective prospecting software I have ever used. I literally feel like I'm cheating every time I log in.
Anthony R. Cabana
Vice President-Benefits, Cross Insurance

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