550 Forms

The 5500 Form is an essential document for employers who offer pension or welfare benefit
plans to their employees. Mandated by the Department of Labor (DOL), the Internal Revenue
Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC), this form serves as an
annual report that provides information about the operations, funding, and condition of these
benefit plans.

What is the 5500 Form?
The 5500 Form, officially called the 'Annual Return/Report of Employee Benefit Plan' is a set of
forms that federally regulated employee benefit plans must file every year. These forms are
used to report information about the plan’s financial condition, investments, and operations to
the federal government, ensuring that plans are operated and managed in accordance with
certain standards.

Why is the 5500 Form Needed?
1. Compliance Monitoring:
The form helps the government ensure that plans comply with the rules and regulations under
ERISA (Employee Retirement Income Security Act) and other federal laws. ERISA establishes
minimum standards that ensure that employee benefit plans are set up and maintained in a fair
and financially sound manner.
2. Public Disclosure:
Filing Form 5500 makes certain details of the employee benefit plan publicly available,
promoting transparency in plan administration and allowing participants, beneficiaries, and
regulators to review detailed information about the plan’s financial and operational conditions.
3. Data Collection:
The data provided through these forms aids in governmental research and policy making. It
helps assess trends and issues in the employee benefit plan landscape, influencing future
legislative and regulatory decisions.

Employer Responsibilities Regarding the 5500 Form
1. Determining the Need to File:
Not all employers need to file a 5500 Form. It is required for employers who offer benefit plans
subject to ERISA, including most pension and health insurance plans, among others. Plans that
cover fewer than 100 participants and are fully insured or unfunded may be eligible to file a
simpler form, the 5500-SF (Short Form).
2. Timely Filing:
The 5500 Form must be filed annually, no later than the last day of the seventh month after the
plan year ends (July 31 for a calendar year plan), unless an extension is requested. Employers
can file for a 2½-month extension by submitting IRS Form 5558.
3. Accurate and Complete Reporting:
It is crucial that employers fill out the forms accurately and completely to avoid penalties.
Incomplete or incorrect forms can lead to audits, fines, and other enforcement actions.
4. Using Approved Software:
The 5500 Form must be filed electronically using EFAST2-approved third-party software or
through IFILE, a web-based filing system provided by the DOL.
5. Keeping Records:
Employers should keep copies of filed 5500 Forms and related documents for at least six years,
as required by ERISA. These records should be available for employee inspection.

Best Practices for Filing the 5500 Form
1. Start Early:
Begin gathering information and coordinating with plan service providers well before the filing
deadline. This avoids last-minute rushes that can lead to errors.
2. Review Changes in Plan Operations or Policy:
Any changes in the plan’s operations or policy might affect the filing requirements and should be
considered when preparing the form.
3. Seek Professional Help:
Given the complexity of the form and the potential consequences of errors, consulting with
professionals who specialize in ERISA and employee benefits law can be beneficial.

The 5500 Form is a vital tool for both compliance and transparency in the administration of
employee benefit plans. Employers have a critical role in ensuring that these forms are filled out
accurately and filed on time. Proper management of this responsibility not only helps in
maintaining compliance with federal regulations but also enhances the trust and confidence of
the employees who depend on these benefit plans for their financial security and health needs.