Compliance Update - Form 5500 Filings

We wanted to remind you Form 5500, referred to as:Annual Return/Report of Employee Benefit Plan(s), may need to be filed with the U.S. Department of Labor (DOL) by the last day of the seventh month after your benefit plan year ends.

For calendar-year plans (most common), this due date falls on July 31.

So who should file?
In general, most group health plans covered by the Employee Retirement Income Security Act (ERISA) are required to file Form 5500.

However, group health plans (whether fully insured, self-insured, or a combination of the two) that covered fewer than 100 participants as of the beginning of the plan year are exempt from the Form 5500 filing requirement.

Please reach out to your trusted broker partner to confirm your filing status if you are unsure of the number of participants. If you need an extension of the Form 5500, you or your broker can file for an extension (Form 5558) or before the due date and receive a 2- ½ month grace period.

How do I file?
Forms 5500 and applicable Form 5500 Schedules must be filed electronically with the DOL through the ERISA Filing Acceptance System (EFAST2), using either the IFILE web-based filing system or EFAST2-approved vendor software.  

As a reminder, Company Administrator must keep a copy on file, and must make a paper copy available upon request to any participant, beneficiaries, and the DOL.

Shameless Plug :)  Flock’s 24/7 reference documents section and tasking system can help you with these and other compliance notification and posting requirements if you file Form 5500.

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