form 5500

What is a Form 5500?

he Form 5500 Series is part of ERISA’s overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans.

What's Included in our Form 5500 Reporting?

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

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

Submit your Form Electronically Through The EFAST.

Optional SAR Completion.

The HR Service Team realizes the challenges involved with preparing and filing form 5500 report. Don’t take the risk of filling out forms incorrectly. Allow the team of qualified professionals to make the process streamlined and simple. Just give us a call or fill out the form below.

What do I need to know about the Form 5500?

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 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.
  • EFAST2 will accept only 2019 and 2020 Forms: Effective January 1, 2021, the EFAST2 System will only accept 2019 and 2020 forms. Therefore, if an earlier plan year filing needs to be submitted (for an amended filing or a first-time late filing), the before 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 Late Fines & Penalties by the DOL and IRS 2021?

Violation Type Possible Fine Agency
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 IRS
$1,100 per day, no cap – DOL 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 $161 per day up to $1,613 per
documents to DOL upon request 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 Penalty: Employer can lose the ability to allow premiums on a
Spending Account (FSA) document. pre-tax basis.
IRS
$119 to $59,522 per violation up to
HIPAA violations $1,785,651.00 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

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