5500 Reporting

According to the IRS and the Department of Labor, ” The Form 5500 Series form is substantial compliance, research, and disclosure tool for the Department of Labor. “Also, it’s an important disclosure document for plan participants and beneficiaries. Finally, it serves as a great source of information and data for use by other Federal agencies, Congress, and the private sector. Also, it allows the department’s vital information in assessing employee benefit, tax, and economic trends and policies.

Ignoring an organization’s compliance requirements under ERISA law carries significant risk.

5500 Reporting Guidelines

The U.S. Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 Series so employee benefit plans could utilize the Form 5500 Series forms to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code.

Who needs to file the form 5500 and when is it due?

  • One-participant plan administrators may choose to complete the paper Form 5500-EZ.
  • Form 5500-SF—Most small business retirement plans with fewer than 100 participants may complete and file Form 5500-SF electronically.
  • Form 5500—Form 5500 must be completed by plans with 100 or more participants. It may only be completed and filed electronically through EFAST.

When is it due and what are the late penalty's?

  • Form 5500 must generally be filed by the last day of the seventh month following the end of the plan year, unless an extension has been granted. For calendar–year plans, the deadline is July 31.
  • The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000. The DOL penalty for late filing can run up to $1,100 per day, with no maximum

Is there an extension because of COVID-19?

  • There is a limited extension for filing Form 5500 granted in connection with the COVID-19 pandemic, but it does not extend the deadline for 2019 calendar year plans.  
  • Under guidance issued in April 2020, Form 5500 filings that would otherwise be due on or after April 1 and before July 15, 2020, are now due July 15, 2020. The relief, which applies under both the Code and ERISA, is automatic—no extension form, letter, or other request needs to be filed. The extension’s application to each of your plans depends on the plan year.

How Does ERISA Solutions Help?

  • 125 Premium Only Plan (POP) – Create, store and edit documents in our web-based document center. Clients and their insurance broker can access these documents. 
  • Compliance Assessment &  Dashboard – The compliance assessment and dashboard feature helps employers determine an overall risk assessment and supplies a list of missing compliance items. The reminder system and dashboard will help to make sure nothing falls through the cracks.
  • Summary of Material Modification (SMM) – Easily communicate benefit changes.
  • Employee Notifications – Generate customized all-in-one annual employee notices such as Medicare Part D, CHIP, WHCRA, HIPAA, Initial COBRA, Health Exchange, etc.
  • Employment Law Updates & Reminders – Stay informed of federal and state employment law changes, due to date reminders, and needed employer actions.
  • Health Exchange Notice –  Our Web-based system automatically creates and emails this notice for distribution.
  • HIPAA Toolkit – Receive HIPAA policies, compliance checklist, requirements training, forms, and documents to be HIPAA compliant.

Additional ERISA Compliance Solutions

5500 filing & reporting

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We complete all forms and schedules needed on time to avoid a potential audit by the DOL.

5500 EFAST Systems

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Submit the form electronically through the EFAST System on your behalf.

we do the work for you

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We ensure you are fully compliant with all  5500 reporting requirements.

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