IS IT NECESSARY FOR MY PLAN YEAR TO BE CONSISTENT WITH THE CARRIER’S POLICY YEAR?

No, it is not necessary for the dates to coincide. Your plan can be set up to begin any month; the 12 month period will not be affected by the 15 month renewal by the insurer. If a Form 5500 is filed, the insurer will proved Schedule A premium information for the plan year being filed. Information on the Schedule A is a maximum of a 12-month period. However for purposes of creating the plan, the employer selects the year and it need not be changed if a policy year changes. A plan can have multiple policy years without having an effect on the actual plan year.