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Frequently Asked Questions

What is Form 5500 and who must file?

Form 5500 Corner. 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.

What do you need to know about Form 5500?

The Form 5500 is an annual report, filed with the U.S. Department of Labor (DOL), that contains information about a 401 (k) plan's financial conditions, investments, and operations. The purpose of the Form 5500 is to provide the Internal Revenue Service (IRS) and DOL with information about the plan's operation and compliance with government regulations.

Is a 5500 required?

Most plan sponsors are familiar with the Form 5500 filing requirements for their retirement plan but many are not aware of the filing requirements for welfare benefit plans. Generally, if you offer a welfare plan and have more than 100 participants at the beginning of the plan year, a Form 5500 is required.

What is Form 5500 series?

The 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 ...

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