Get an exact count of # of participants on the plan as of the 1st day of the plan year (for Form 5500 purposes). Under 100 are exempt from 5500 if plan is unfunded, fully insured or both. Pay special attention to the employer-paid basic term life.

Governmental, church or Indian tribal plans aren’t required to file a Form 5500 since those plans are exempt from ERISA and its requirements. 

Also, unfunded (means they pay benefits out of general assets and not a trust/plan assets), fully-insured, or combination unfunded and fully-insured health plans with less than 100 participants on the 1st day of the plan year are also excused from having to file the 5500. 

For example, if the plan has 99 participants as of Jan 1, 2018, the first day of their plan year, but went up to 105 participants on Jan 2, 2018, then they would NOT have to file Form 5500 as of July 31, 2019. 

The “plan” usually includes all of the component benefits together. In other words, if the employer-paid life plan had 100 or more participants on the 1st day of the plan year, but the medical plan only had 70, then if they are wrapped together into one big ERISA plan, then they must file Form 5500.