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.
For most plans, Form 5500 must be filed once per year, before July 31 (if July 31 is not a business day, the next business day). However, if the ERISA plan is not a calendar year plan, Form 5500 must be filed no later than the last day of the calendar month following the seventh calendar month following the end of the plan year. Extensions can be requested by submission of a Form 5558. If the Form 5558 is correctly submitted before the deadline, an automatic 2.5-month extension will be granted.
Furthermore, The Form 5500 Series is part of ERISA’s overall reporting and disclosure framework, which ensures that employee benefit plans are operated and managed by specific prescribed standards. Therefore, ensuring that participants, beneficiaries, as well as regulators, are provided or have access to sufficient information.
To ensure that your rights and benefits protected and include those participants in the plan. Also, beneficiaries included in the policy. Since January 1, 2010, all forms in the 5500 series must file electronically using the U.S. Department of Labor’s EFAST system.
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What is included with 5500 Reporting?
*We will help you assemble all the needed information for 5500 reporting.
*Help you complete form 5500 and all Schedules.
*Submit the form electronically through the EFAST System on your behalf.
*We Provide Optional SAR completion.
*Our Coaches ensure you are in full compliance with all 5500 reporting requirements.
All about 5500 Reporting
The IRS, Department of Labor, and Pension Benefit Guaranty Corporation jointly developed the Form 5500- series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.
Plan sponsors must generally file the return on the last day of the seventh month after their plan year ends.
Form | Who files | Where to file | Additional tips |
Form 5500, Annual Return/Report of Employee Benefit Plan (form and instructions) | The employer maintaining the plan or the plan administrator of a Pension or Welfare benefit plan covered by ERISA must generally file the Form 5500 to report information concerning the qualification of the plan, its financial condition, investments and the operations of the plan. | Must be filed electronically through EFAST2. | Due date: the last day of the seventh month after the plan year ends (July 31 for a calendar-year plan). Extensions: request on Form 5558 (below) Clarifications to Instructions for Lines 4l of Schedules H/I (Forms 5500) and Line 10f of 5500-SF |
Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan (form and instructions) | The plan with fewer than 100 participants See the instructions on the Form 5500 Series page for other eligibility requirements. | Must be filed electronically through EFAST2. Advantages of filing your one-participant plan return electronically. |
Frequently Asked Questions about EFAST2 Troubleshooter’s Guide to Filing the ERISA Annual Report – hints for Forms 5500 and 5500- SF from DOL. Troubleshooting electronic signatures Delinquent Filer Voluntary Compliance Program – what to do if your return is filed late. |
Form 5500-EZ, Annual | “One-participant” plans* and foreign plans may file Form 5500-SF electronically in place of a paper-only Form 5500-EZ. Certain retirement plans maintained outside the U.S. primarily for the benefit of nonresident aliens must file Form 5500-EZ rather than Form 5500. | Must be mailed to: | Due date: the last day of the seventh month after the plan year ends (July 31 for a calendar-year plan). Extensions: request on Form 5558 Penalty relief program for Form 5500-EZ Request copies of filed Forms 5500-EZ using Form 4506 (includes instructions). |
Return of A-One- | |||
Participant (Owners/Partners and Their Spouses) | Department of the Treasury IRS Ogden, UT 84201-0020 | ||
Retirement Plan or A | |||
Foreign Plan | |||
Schedules: Completed and signed Schedules SB and MB, if applicable, must be kept with your records. | |||
Form 8955-SSA, Annual | Plan administrators of plans that have separated participants with deferred vested benefits. | File electronically through the IRS FIRE system – no electronic signature needed. Approved software vendors May be mailed to Department of the Treasury IRS Ogden, UT 84201-0024 | Due date: the last day of the seventh month after the plan year ends (July 31 for a calendar-year plan). Extensions: request on Form 5558 Delinquent or amended returns: use the current year form Resources has FAQs, guidance and e-file provider information. |
Registration Statement | |||
Identifying Separated | |||
Participants with | |||
Deferred Vested Benefits | |||
Form 5558, Application for Extension of Time To File Certain Employee Plan Returns (form and instructions) | May be used to file for an extension of time for the following returns: Form 5500 Form 5500-SF Form 5500-EZ Form 8955-SSA Form 5330 | Must be mailed to: Department of the Treasury IRS Ogden, UT 84201-0045 | Use a separate Form 5558 for each plan for which an extension is requested; use a separate Form 5558 for an extension of time to file Form 5330 or Form 5500 series; may use a single Form 5558 to extend the Form 5500 and Form 8955-SSA filed for the same plan. |
Do not attach lists of plans to a Form 5558. | |||
Avoid errors when requesting an extension. | |||
Signatures are needed for Form 5330, but not for 5500 or 8955- SSA extensions. |
*A “one-participant plan,” for purposes of the Form 5500-EZ, means a retirement plan not subject to the annual ERISA Title I reporting requirements that only covers the owner who owns the entire business (whether or not incorporated) and owner’s spouse, or one or more partners, and their spouses in a business partnership.
A plan is not a one-participant plan if the plan benefits anyone besides the owner (or owner and spouse) or partners (or partners and their spouses).
SRC: IRS.Gov
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