Form 5500, Annual
Return/Report of Employee Benefit Plan, is the form used to file an employee
benefit plan’s annual information return with the Department of Labor (DOL).
Being prepared to
electronically sign the Form 5500 will ease stress and help avoid costly
penalties that can be incurred if not filed in a timely manner.
Who has to file?
The sponsor of the plan or arrangement subject to the Employee Retirement
Income Security Act (ERISA) must file the Form 5500. Plans subject to
ERISA can include, but are not limited to, the following:
- Profit sharing plans, 401(k) plans, money
purchase plans, stock bonus plans
- Certain annuity arrangements
- Individual retirement arrangements established by
employers
- Church pension plans that elect to be covered by
ERISA
- Certain welfare benefit plans
When is the deadline?
The Form 5500 must
be filed no later than the last day of the seventh month after the Plan Year
End. For calendar year plans, this means July 31 (or the next business
day if it falls on a weekend). However, a Form 5558 can be filed for an
automatic 2 ½ month extension (for a calendar year plan, this deadline is
October 15th).
Who signs?
All plan sponsors and plan administrators who sign the Form 5500
must have his or her DOL credentials. As long as the signer remains the
same, the User ID and PIN received from the DOL will remain the same. If
there is a new signer, the DOL credentials can be obtained by going to www.efast.dol.gov, and click
“Register” on the Welcome screen. Ensuring that the correct credentials
are in place will begin the signing process with ease.
How is the Form 5500
filed?
All Form 5500 Annual
Returns/Reports of Employee Benefit Plan and all Form 5500-Short Form Annual
Returns/Reports of Small Employee Benefit Plan and any required schedules and
attachments, must be completed and filed electronically. It’s important
to understand how to login to electronically sign the forms. There are
hundreds, if not thousands, of signers trying to get on the website to meet the
deadline so waiting until the last week is not advised. Avoid undue
stress and sign as soon as possible.
If you have questions about signing,
contact your Account Manager with Alliance Benefit Group at 1-800-898-9344 and
they will be happy to assist you!
The Author: Lisa Bjelland
Audit Analyst
LBjelland@abg-mn.com
Disclaimer: This blog is of an informative nature and should not be taken as advice. Please work with the appropriate parties for those services.
