5500 Reporting - Let us do the work for you!

What's Included in the Form 5500 Reporting Package?

We Do the Work for You

We Will Help You Collect All The Needed Information For 5500 Reporting, Making The Process Easy.

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Our Analysts Ensure You Are In Full Compliance With All 5500 Reporting Requirements, Guaranteed!

Assigned Analyst

Your Assigned Analyst Will Help You Complete Form 5500 And All Schedules.

EFAST Submission

Submit your Form Electronically Through The EFAST.

Options Available

Optional SAR Completion.

What's Important to Know about the 5500 Form?

If You Think Compliance Is Expensive, Try NON-Compliance.

  • ERISA, DOL, and IRS regulations make compliance complicated for any business.  We ensure you meet all requirements and deadlines while saving you stress, time, and money.
  • ERISA further requires employers with 100 or more participants to report certain information to the DOL annually on Form 5500.
  • Form 5500 returns ask for information about the plan, including the plan name, plan year, plan sponsor, plan number, participants, insurance costs, and financial data. Late filing of form 5500 can result in fines as high as $1,100 per day.
  • Only 2019 and 2020 Forms will be accepted by EFAST2: Effective January 1, 2021, the EFAST2 System will only accept 2019 and 2020 forms. Therefore, if an earlier plan year filing needs be submitted (for an amended filing or a first-time late filing) the prior to 2019 form needs to be prepared on the most current available form, which right now is a 2020 Form 5500.
  • Information copies of the forms, schedules and instructions are available on the EBSA website.
  • To obtain a two-and-one-half-month extension, eligible filers may file Form 5558 with the IRS before the due date of their Form 5500. Plans eligible to file Form 5500-EZ are automatically granted an extension for filing Form 5500-EZ until the extended due date of the employer’s federal income tax return, provided certain conditions are met. Please refer to the IRS Instructions for Form 5500-EZ (PDF) for details.

What are the ERISA 5500 Fines & Penalties by the DOL and IRS 2021?

Violation                                           Possible Fine                                                                            Department

Failure to provide written requested ERISA plan documents, Summary Plan Descriptions,

Summary of material modifications, etc.

$119 per day up to $594,129

 

DOL

 Late 5500 Report

$25 per day up to $15,000 – IRS

$1,100 per day, no cap – DOL

IRS

DOL

Failure to File annual 5500 Report

$2,259 per day

DOL

Failure to furnish statement of benefits or to

maintain records

 

$31 per employee

 

DOL

Failure to notify plan participants of benefit

restrictions and/or limitations

 

$1,788 per day

 

DOL

Failure to furnish automatic contribution

arrangement notice

 

$1,788 per day

 

DOL

Failure to furnish employee benefit plan

documents to DOL upon request

$161 per day up to $1,613 per

request

 

DOL

Failure to inform employees of Medicaid/CHIP

coverage opportunities

 

$120 per day per employee

 

DOL

 

GINA violation

 

$120 per day per participant

 

DOL

Failure to provide Summary of Benefits Coverage

(SBC)

 

Up to $1,190 per failure

 

DOL

FMLA posting & notice violation

$176 for each offence

DOL

Allowing premiums to be paid on a pre-tax basis for covered benefits without having either a Premium Only Plan (POP) document or Flexible

Spending Account (FSA) document.

Penalty: Employer can lose the ability to allow premiums on a

pre-tax basis.

 

 

IRS

 

HIPAA violations

$119 to $59,522 per violation up to

$1,785,651.

 

DOL or HHS

MEWA – failure or refusal to file a complete or

accurate Form M-1

 

$1,644 a day

 

DOL

Other – This is only a partial list of possible fines

and penalties

Each of the enforcing organizations, DOL, IRS and HHS, have increased the number of auditors and enforcers. Audits have increased across the county.

We recommend you take steps now to be fully compliant to avoid fines and penalties. See instructions on how to file the 5500 Form.

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