Navigating Form 5500 Season: Compliance Made Simple

Form 5500 is the primary document used by the government to ensure that retirement plans are being operated fairly and transparently. It provides a detailed snapshot of a plan’s financial health, participant data, and administrative operations. 

What is Form 5500? 

Filing this form is an annual requirement under ERISA for most employee benefit plans. The primary goal is to provide the government and plan participants with essential information regarding the plan's qualification, financial condition, and investments. 

For many companies, the deadline is the last day of the seventh month after the plan year ends (July 31 for calendar-year plans). While extensions are available, missing this deadline can result in significant daily penalties from the DOL. 

A Complex Puzzle of Data 

Putting together a complete Form 5500 requires gathering a vast amount of data, including: 

• Participant Information: Detailed counts of active, retired, or separated employees who are eligible for or receiving benefits. 

• Financial Disclosures: A comprehensive breakdown of assets, liabilities, income, and expenses. 

• Schedules & Attachments: Depending on the size and type of your plan, you may need to file various schedules, such as Schedule A (insurance information), Schedule C (service provider fees), or Schedule H/I (financial data). 

• Audit Requirements: Generally, plans with 100 or more participants require an independent audit from a qualified public accountant to accompany the filing. 

Our Streamlined Filing Service 

Because Form 5500 is so technical, many business owners find the process overwhelming. Our Retirement Plan division is designed to help ease that stress. We manage the entire preparation and filing lifecycle so you can focus on running your business. You get us your participant data, we will take care of the filing, and then you just help us answer any questions along the way. 

Here is how we cover the process for you: 

1. Data Collection & Review: We gather all necessary financial and participant data from your records and providers. 

2. Form Preparation: We determine the correct form type (Form 5500, 5500-SF, or 5500-EZ) and prepare every required schedule. 

3. Accuracy Audit: We review the information for technical accuracy to verify compliance with current regulatory standards. 

4. Final Signature Ready: We prepare the electronic document through the EFAST2 system to the point that it is ready for your signature. 

5. Electronic Filing: Once you provide your signature, we handle the actual transmission and filing for you, making sure everything is submitted correctly and on time. 

The Bottom Line 

Filing Form 5500 is a non-negotiable part of offering a retirement plan, but it doesn't have to be a headache. By partnering with us, you gain the peace of mind that comes from professional preparation and the convenience of a streamlined, signature-ready process. 

This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. Material discussed is meant to provide general information, and it is not to be construed as specific investment, tax or legal advice or recommendations. Any opinion included constitutes our judgment as of the date of this report and are subject to change without notice. Keep in mind that current and historical facts may not be indicative of future results. Certain risks exist with any type of investment and should be considered carefully before making any investment decisions.   

Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, https://adviserinfo.sec.gov/firm/summary/123807.