Erisa form 5500 who is required to file

Simply put, ERISA is legislation that applies to any private entity that offers benefit plans that fall under their scope of authority. This legislation requires that employers comply with specific standards that include disclosures, financial protection, reporting and accountability, procedural safeguards, as well as the conduct of the employee benefit plan EBP.

The following plans are also subject to Form filings if they have employees or more: medical, vision, dental or other health plan, any life insurance plan, flexible spending account, cafeteria plan, vacation, holiday, disability or any other employee benefit plan or fringe benefit plan. Form consists of the main form, in addition to various schedules and attachments that supplement the comprehensiveness of the main form. In completing Form , a private entity will provide specific information that governs their employee benefit plan that may include, as applicable:.

The Form encompasses areas that include: the starting date of your plan, details concerning the number of participants in the plan, plan sponsor details, details of the plan administrator, information regarding the funding of the plan and provided benefits, as well as attached schedules. The type of Form that is needed depends on the plan. There are three main types that are used:. Whether you file Form or Form SF depends on a few key qualifiers.

One of the primary differences is that a Form audit is generally required for plans that require the use of Form A Form audit normally does not apply to plans that file Form SF. Get prior year forms and instructions. Certain foreign plans maintained outside the U.

Mandatory electronic filing. Penalty relief program for Form EZ late filers. Filing an Amended Form EZ. Approved software vendors. Use a separate Form for each plan for which you're requesting an extension.

Do not attach lists of plans to a Form A two and one half month extension may be obtained by filing Form with the IRS. If you discover that you have not filed all your Forms , do not wait for the government to find you! We can help. If you would rather do it yourself, we are available to review your Form or train your staff in preparing the Form Insurance companies have a legal duty under ERISA and the DOL regulations to furnish plan administrators this information; failure to do so is a criminal violation.

The Schedule A now includes a section to report insurance companies that fail or refuse to provide information. In general, insurance brokers or insurance companies provide the information, however, they do not typically complete the returns for their clients. The information contained in this article should not be considered tax or legal advice. Plan Sponsors should always consult with their advisors for the application of the ERISA rules related to their specific situation.

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