Helping Your Clients Understand Form 5500
Any employer with over 100 lives, must file the form 5500. Form 5500 must be completed by the employer of any plan subject to ERISA.
What Employers Need to Know
If they are large plans with 100 or more participants in the plan as of the first date of the plan year, they must satisfy annual reporting requirements under ERISA and the Internal Revenue Code. Employer sponsored plans subject to ERISA that may require filing of form 5500 may include but are not limited to: major medical, dental, life insurance, LTD, profit sharing, 401K, money purchase, annuity, retirement and pension plans.
Employers must generally file the form 5500 to report information concerning the qualification of the plan, its financial condition, investments and the operations of the plan. Form 5500 is due on the last day of the seventh month after the plan year ends. For calendar year plans, this date would be July 31st. There are of course exceptions to this rule if the ERISA plan is not a calendar year plan.