Plan administrators must file the Form 5500 annually. As a 401(k) plan administrator, the Form 5500 filing is necessary to ensure your 401(k) plan satisfies Employee Retirement Income Security Act (ERISA) and IRS reporting requirements.<\/p>\n\n\n\n
You\u2019ll need to read, complete, and file the form carefully to avoid penalties. Fortunately, ePlan Services<\/a> has a streamlined process to help plan administrators file easily and on time. We created our Annual Plan Review<\/a> to help clients accurately complete the Form 5500 filing prior to the deadline. Plan admins can then file their forms with the Department of Labor through our convenient dashboard.<\/p>\n\n\n\n The Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) developed the Form 5500. Businesses offering employer-sponsored retirement plans file the form with DOL to disclose details about plan operations and financial status.<\/p>\n\n\n\n Plan administrators will need to include information such as, but not limited to:<\/p>\n\n\n\n By providing this information, plan administrators confirm that their plans are in compliance with government regulations.<\/p>\n\n\n\n There are several forms in the Form 5500 series. The version of the Form 5500 you complete will depend on the size of your business and the type of retirement plan you offer.<\/p>\n\n\n\n The three forms include:<\/p>\n\n\n\n If you\u2019re not sure which form to file, ask your tax professional.<\/p>\n\n\n\n For most plans, the Form 5500 is due by the last day of the seventh month after the end of a plan year. This deadline typically falls on July 31st for a calendar year plan or the following business day if July 31st falls on a weekend. Businesses are subject to late filing fees, so you must file an extension with the IRS prior to the deadline to avoid these penalties.<\/p>\n\n\n\n If you\u2019ve terminated your plan but the plan still holds assets, you\u2019ll need to file the Form 5500 annually until the last funds have been distributed to participants. Plan administrators must keep a copy of the Form 5500 with all the signatures as part of the retirement plan\u2019s records.<\/p>\n\n\n\n The IRS and the DOL both charge penalties for late filing. This means that if you miss the deadline, you can be penalized twice. The IRS charges a fine of $250 per day up to a maximum of $150,000 for filing late with no notice. DOL penalties can go up to $2,400 per day with no maximum. Small plans (fewer than 100 participants) cap at a maximum penalty of $1,500 while large plans (100 participants or more) cap at $4,000.<\/p>\n\n\n\n ePlan\u2019s online dashboard makes it easy to review plan data and file the Form 5500 with the DOL. We offer pre-filled forms for a smooth reporting process, and plan administrators can also check the form\u2019s status through their online accounts.<\/p>\n\n\n\n If you have more questions about the Form 5500, check the resources in our Help Center<\/a>. Our service teams are also available to help, so give us a call if you need support.<\/p>\n\n\n\n\nWhat is the Form 5500?<\/h2>\n\n\n\n
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Which version of the Form 5500 should you file?<\/h2>\n\n\n\n
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When is the Form 5500 due?<\/h2>\n\n\n\n
What are the penalties for filing the Form 5500 late?<\/h2>\n\n\n\n
How do you file the Form 5500?<\/h2>\n\n\n\n