Form 5500s are required for all retirement plans, and are required for all health and welfare plans that have 100 or more employee participants on the first day of any applicable plan year. This is a requirement often missed by employers, who fail to file for one or more health or welfare plans.
Objectives of the Presentation
Why should you Attend
- You will be able to discuss the contents of the Form 5500 and when to file
- You will be able to review and understand the electronic filing requirements
- You will be able to identify Schedule C disclosures
- You will be able to explain Schedule 8955-SSA
- You will understand how “wrap documents” impact Form 5500 filings
- You will understand when voluntary benefits must be included in Form 5500 filings
- You will understand Form 5500 audit procedures and associated penalties for certain Form 5500 violations
Navigating the maze of changes with Form 5500 can leave you lost and helpless without all the important must know information.
Employers who offer an employee benefit plan must file an annual report regarding the plan’s financial condition, investments and operations, unless specifically exempt by law. Filing the Form 5500 satisfies this requirement. Learn when you need to file a Form 5500 and what you need to file, as well as some recent changes that may impact your filings.
This session will help you understand the basic plan filing requirements, including an overview of new recent regulatory changes.
Who will Benefit
- Overview of the Form 5500
- What Is the Form 5500?
- Who Must File?
- What to File
- Due Dates and Extensions
- Electronic Filing
- Effective Dates/Types of Filing
- Errors and Lessons Learned From the Prior Plan Years
- Schedule C Disclosures
- Direct Compensation
- Indirect Compensation
- Eligible Indirect Compensation
- Schedule 8955-SSA
- Filing Electronically
- Miscellaneous Issues
- Wrap Documents
- Voluntary Benefits
- Late Deposits
- Audit Requirements
- New Changes to the M-1 for MEWAs
- Human Resource Managers
- Benefits Administrators
- Payroll Managers
- Finance Directors
- Vice Presidents
- Business Managers
- Insurance Professionals
Annually, pension and welfare benefit plans must file the Form 5500, the Annual Return/Report of Employee Benefit Plan, to report their financial condition, investments and operations. Small plans (plans with fewer than 100 participants at the beginning of the plan year) may be eligible to file the Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, instead of the Form 5500. Plan sponsors must file these forms electronically using the ERISA Filing Acceptance System (EFAST2).
On July 31, 2015, President Obama signed into law the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the ‘Act’). The Act provided that for plan years beginning after December 31, 2015, the maximum automatic extension of the Form 5500 and Form 5500-SF filing dates is 3½ months, or November 15 for calendar year plans. The new extension would have applied to filings made in 2017.