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ERISA plans with over 100 participants must file Form 5500 annually

Preparing and Filing Your Group Benefits Plan

ERISA plans with over 100 participants must file Form 5500 annually. Unsure what to do with all those carrier disclosures? OCA can will help you through the entire 5500 filing process, from preparation to filing, including the Summary Annual Report. IRS Form 5500 reports on employee benefits plans, including but not limited to medical, dental, life insurance, pension, severance, and other plans. Plans subject to this ERISA requirement must submit Form 5500 to the Department of Labor and IRS annually.

Through our partnership with MZQ, OCA makes the 5500 filling process quick and painless!

Step 1

MZQ 5500 Specialist gathers required information

Step 2

The Summary Annual Report (SAR) is created and reviewed by our ERISA experts!

Step 3

MZQ electronically files Form 5500

Form 5500 Filing Tips

Form 5500 filing tips are available on the DOL website. These tips are based on frequently asked questions and are designed to help plans avoid common reporting and filing errors

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Form 5500 FAQ

When to File Form 5500

Form 5500 Is normally due seven months after end of plan year. The normal due date for Form 5500 is the last day of the seventh month after the close of the plan year (including short plan years). Thus, the regular filing deadline for calendar-year plans will be July 31 of the year following the end of the plan year to which the Form 5500 relates.

Can you request an extension?

An extension of up to 2-1/2 months after the Form 5500 due date is available by filing Form 5558 (Application for Extension of Time to File Certain Employee Plan Returns). If Form 5558 is filed on or before the normal due date (not including extensions) of the Form 5500, the extension request will be automatically granted; no approval is necessary. Form 5558 must be filed with the IRS-not with the DOL.

How is Form 5500 typically submitted?

All Form 5500s must be filed electronically. The DOL will not accept paper filings of any kind. The DOL’s electronic, web-based system for filing Form 5500s is called EFAST2.

What are the consequences of noncompliance?

Failure to file a Form 5500 may result in the imposition of penalties under ERISA. Penalties may be assessed not just for late or unfiled Form 5500s, but also for incomplete or otherwise deficient Form 5500s. The penalties for noncompliance can be heavy: Under ERISA, the DOL may assess a civil penalty against a plan administrator of up to $2,194 per day (subject to annual increases for inflation after 2019) from the date of the administrator’s failure or refusal to file the Form 5500.

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OCA’s 5500 Filing service can help deliver the experience and business results you’re looking for.

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