ERISA Form 5500 Reporting Requirements

Form 5500 is a mandatory filing requirement developed to monitor welfare and pension benefit plans of employees and other beneficiaries. Understanding who must file and the information to include in the report is crucial to avoid penalties.

If you have questions about Form 5500 filing requirements, it is best to consult an ERISA attorney. They can provide you tailored legal advice on ERISA requirements. They can also help you navigate complex compliance issues.

This article explains the crucial components of Form 5500 reporting. It includes eligibility requirements, filing due date, and other information to help you with your Form 5500.

What is ERISA Reporting Form?

The Employee Retirement Income Security Act of 1974 (ERISA) Reporting Form (also known as Form 5500) is an annual report developed by three federal agencies:

• U.S. Department of Labor (DOL)
• Internal Revenue Services (IRS)
• Pension Benefit Guaranty Corporation

It aims to ensure compliance, transparency and protection for the plan participants while providing government agencies important data. It is a standardized form that contains essential information about plan sponsor and beneficiaries.

The DOL, IRS and Pension Benefit Guaranty Corporation developed the Form 5500 so they can monitor welfare and pension benefit plans. It ensures that the benefit plans meet the prescribed standards and regulations under the ERISA, Internal Revenue Code and relevant federal laws. It protect the rights and benefits of plan participants and their dependents.

How Often Do You File an ERISA Form 5500?

For calendar-year plans, plan administrators should file ERISA Form 5500 annually or once per plan year. Administrators of calendar year employer plan should submit their ERISA forms by July 31 of the following year.

Those that manage non calendar year plans should file on the last day of the seventh month after the end of the plan year. For example, if your plan ends on November 30, 2025, the deadline for submission of Form 5500 would be June 30, 2026.

Plan administrators can request an extension by submitting Form 5558. If Form 5558 is properly submitted by the deadline, you will automatically receive a 2.5 month extension.

You can find additional assistance with ERISA Form in the U.S. Department of Labor website. The Troubleshooter's Guide to Filing the ERISA Annual Report and outside service BenefitsPro contains more information about electronic filing.

Who Needs to File ERISA Form 5500?

In general, any business that give employee benefit plans should file a report annually to the government with using Form 5500. Plans subject to ERISA may include:

• Group health plan, dental, health insurance, life insurance, or severance pay plans
• Profit sharing, 401(k), money purchase, or stock bonus plans
• Annuity arrangements
• Retirement arrangements
• Pension plans

The form that you have to file often depend on the number of plan participants and business structure.

Form 5500

This is the standard annual return/report of employee benefit plan. Large pension and welfare benefit plans with 100 or more participants at the beginning of the plan year uses this form.

Form 5500-SF

This is the short form Annual Return/Report of Small Employee Benefit Plan. It is a simplified report options for small pension and welfare plans that have less than 100 plan participants at the beginning of the plan year.

Form 5500-EZ

This is the Annual Return of a One-Participant Retirement Plan or a Foreign Plan. The IRS publishes it for one participant plans. Plan participants can file it either through paper with the IRS or electronically through the EFAST2 system.

What Businesses Are Exempt From Filing Form 5500?

There are certain circumstances in which filing a Form 5500 for 401(k) or other employee benefit plan is not required. For instance, ERISA exempts the following employers and plans:

• Federal, state, and local governments
• Churches that are exempt from federal income tax
• Plans that are primarily maintained to comply with unemployment, disability, or workers' compensation
• Plans maintained outside of the United States, mainly for the benefit of non U.S. Citizens

In addition, small plan welfare benefits with less than 100 participants that are full insured or unfunded or a combination of both are exempt from ERISA Form 5500 filing requirements.

What Are the Documentation Requirements of ERISA Plans?

Fields on the Form 5500 require the following information:

• Financial - a schedule of plan assets and liabilities (Schedule H or I)
• Insurance - information about each insurance contract used and premiums paid (Schedule A)
• Service provider - every service provider must be listed (Schedule C)
• Retirement plan - pension benefit plans must complete a separate schedule (Schedule R)
• Financial transactions - loans, fixed income obligations, leases in default, or uncollectible/nonexempt transactions (Schedule G)
• Actuarial details
• Accountant report

Small plans with less than 100 plan participants may qualify for simplified reporting requirements, such as Form 5500-SF eligibility. Large plans with over 100 participants may face a more extensive documentation requirements.

The plan administrator should submit all supporting documents and required schedules electronically within the filing due date.

What Is a Summary Plan Description (SPD)?

The Summary Plan Description (SPD) is a plan documentations that plan administrators should provide to participants. It contains information about the plan benefits and crucial information about participant's rights under ERISA. Plan administrators should distribute SPD within the required timeframe and keep participants updated.

How to File ERISA Form 5500

You should file all ERISA Form 5500 electronically, including required attachments and schedules. You can file using the EFAST2-approved third-party software, or the IFILE system.

For additional guidance on how to complete Form 5500 electronically using the EFAST2, you may visit the EFAST2 FAQS. Disclosure requirements mandate that plan administrators should make certain information and plan documents available to participants.

Seek Legal Help with ERISA Form 5500 Reporting Requirements

Understanding the ERISA reporting requirements is crucial for both plan sponsors and beneficiaries. If you have questions or concerns about ERISA reporting requirements or ERISA claims procedure, speak with an ERISA attorney. They can review your case and help ensure you meet all the necessary requirements.