Why file a form 5500

In completing Form , a private entity will provide specific information that governs their employee benefit plan that may include, as applicable:. The Form encompasses areas that include: the starting date of your plan, details concerning the number of participants in the plan, plan sponsor details, details of the plan administrator, information regarding the funding of the plan and provided benefits, as well as attached schedules.

The type of Form that is needed depends on the plan. There are three main types that are used:. Whether you file Form or Form SF depends on a few key qualifiers. One of the primary differences is that a Form audit is generally required for plans that require the use of Form A Form audit normally does not apply to plans that file Form SF. Form SF is used for the annual filing of plans that contain between one and plan participants. This type of Form is much smaller and places significantly fewer reporting responsibilities on employers for filing their reports.

In contrast, Form generally applies to any employee benefit plan that contains or more participants. This larger filing requires schedules and attachments in addition to the Form to be filed each year.

Alternatively, a third-party administrator may be used to file Form The first step in the filing process for Form is to determine which type you are required to submit, whether it is a Form , SF or EZ. This system is designed to help simplify the processing, submission and receipt of your Form Next, you must fill out Form , which is three pages in length and requires details concerning your EBP.

Prior to reviewing your information and submitting your Form by the required deadline, it is vital to ensure you include the relevant schedules to avoid penalties or delays in processing. Be sure to determine your status before starting the filing process. When it comes to the schedules needed for your Form , it is important to carefully review the guidelines. Schedules to accompany Form may include:. These schedules are critical for fulfilling your annual reporting duties for any plan subject to ERISA and Form audit requirements.

The experts at Warren Averett can help you in preparing the required documents. The team at Warren Averett knows how challenging it can be to effectively prepare a Form Something so important deserves the help of qualified professionals to make the process efficient and smooth. Certain foreign plans maintained outside the U. Mandatory electronic filing. Penalty relief program for Form EZ late filers. Filing an Amended Form EZ. Approved software vendors. Use a separate Form for each plan for which you're requesting an extension.

Do not attach lists of plans to a Form Use a separate Form for an extension of time to file Form or Form series. Signatures are needed for extension to file Form , but not for extension to file Form series or Form SSA. Avoid errors when requesting an extension. A plan is not a one-participant plan if the plan benefits anyone besides the owner or owner and spouse or partners or partners and their spouses. Form SF can no longer be used by a one-participant plan or a foreign plan filer in place of Form EZ.

This provision applies to plans adopted for taxable years beginning after December 31, Additionally, if the plan is a defined benefit plan, the employer will be required to attach a Schedule SB to the Form or Form SF, in addition to a Schedule SB.

The instructions for the Form will further explain the filing requirements for plans adopted retroactively. Form extension: Plan sponsors that submitted a Form , Application for Extension of Time to File Certain Employee Plan Returns, for a retroactively adopted plan will not establish a Form filing requirement.