New Form 990 Reporting Requirements for Multiemployer Health and Welfare Plans
Internal Revenue Service (IRS) has increased its reporting requirements for multiemployer health and welfare trust funds on the Form 990 (Return of Organization Exempt from Income Tax). Specifically, the new Schedule R (Related Organizations and Unrelated Partnerships) to Form 990 has expanded its definition of “related organization” to include contributing employers to multiemployer health and welfare funds and voluntary employees’ beneficiary associations (VEBAs). Accordingly, administrators of multiemployer health and welfare funds will now be expected to request the following information from each contributing employer of the fund: a) Name, address and EIN; b) Primary activity; c) Legal domicile (state or foreign country); d) Direct controlling entity; and e) Type of entity (C corp, S corp, or trust).
For more information on the new Form 990 requirements, please contact your Trust Fund counsel.
Author: Kristina M. Zinnen
