Tag: Form 5500

For benefit plans subject to ERISA, Form 5500 must be filed within seven months after the plan year ends. For calendar-year plans, that means the 2017 Form 5500 is due no later than July 31, 2018. Small plans with fewer than 100 participants may be exempt. See our Frequently Asked Questions for tips on the…

At this time of year, many employers and benefit advisors begin preparing Form 5500, the annual report required for most employee benefit plans. Form 5500 must be filed with the federal government within seven months after the end of the plan year. For calendar-year plans, that means the plan’s 2017 Form 5500 is due July…

The Rap on Wraps

There’s a good chance you use a wrap document to help satisfy your Employee Retirement Income Security Act (ERISA) summary plan description (SPD) obligations. Yet if you look for a definition of wrap document in ERISA statutes or regulations, you will not find one. The wrap is not a defined term or required document; it…

Question: Is a self-funded welfare benefit plan with less than 100 participants required to file Form 5500? Answer: Yes, self-funded welfare benefit plans with less than 100 covered participants at the beginning of the plan year that use a trust or similar account to pay claims must file Form 5500. While most plans providing retirement…

Question: What are the employer requirements for Form 5500 filing with less than 100 participants? Answer: In general, Form 5500 is not required for a welfare benefit plan that is unfunded, fully insured, or a combination of unfunded and insured, if there are fewer than 100 participants. In some cases, Form 5500-SF may be used instead of…

Question: What are the penalties for missing the filing deadlines for Form 5500? Answer: The answer depends upon whether you found that you did not file it yourself, or if the DOL has ordered you to file it. If the error was found by the DOL, the Plan Administrator is subject to DOL penalties of…