Everything you need to know about your 5500 this summer.

Form 5500 is a critical requirement mandated by the IRS and the Department of Labor (DOL) to collect information about employee benefit plans, ensuring compliance and transparency in retirement plan management. Depending on the plan’s specifics, various versions of Form 5500, such as Form 5500-SF and Form 5500-EZ, are available. However, it’s important to note that plan sponsors, not participants, are responsible for filing. 

Typically, Form 5500 must be filed annually within seven months after the plan year’s end. For example, if a retirement plan operates on a calendar year basis, with the plan year concluding on December 31st, the Form 5500 deadline would be July 31st of the subsequent year. For the plan year ending on December 31, 2023, Form 5500 would be due by July 31, 2024. 

Most employer-sponsored retirement plans, such as 403(b) and 401(k) plans, pension plans, and health and welfare plans, must file Form 5500. However, retirement plans that are not subject to ERISA regulations are exempt. These exemptions may apply to plans with limited employer involvement or those sponsored by churches and government entities. 

Form 5500 collects comprehensive details about the plan, including financial information, participant demographics, contributions, distributions, and plan operations. Our Third-Party Administrator (TPA) team can provide expertise and assistance in preparing Form 5500, ensuring a seamless and accurate filing process. 

Filing Form 5500 is essential for protecting the interests of plan participants and beneficiaries, demonstrating accountability, and maintaining compliance with ERISA regulations. Failure to file can lead to penalties, fines, heightened regulatory scrutiny, and a loss of participant trust. By collaborating with our TPA team to meet filing obligations, we safeguard the sustainability of our retirement plans and honor our commitment to stewardship.