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Erisa Retirement Plan Form 5500 In Pennsylvania
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US-001HB
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FAQ
About the Form 5500 Any administrator or sponsor of an employee benefit plan subject to ERISA must file information about each benefit plan every year (pursuant to Code section 6058 and ERISA sections 104 and 4065).
A good place to start in determining whether an ERISA plan is self-funded is the IRS 5500 form discussed previously. On the IRS 5500 form, a section entitled “Box 9” will give an indication as to how the plan is funded. If Box 9 states something like “company assets” or “Trust” then the program is likely self-funded.
ERISA applies to employees of limited liability companies, partnerships, C corporations, S corporations and non-profit organizations.
There are 3 types of Form 5500: Form 5500-EZ—for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500—for plans with 100 or more participants. Forms 5500 and 5500-SF must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2)Opens in a new window.
The employer maintaining the plan or the plan administrator of a pension or welfare benefit plan covered by the (Employee Retirement Income Security Act) ERISA. File Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan.
Who is exempt? Government entities and church groups are exempt from Form 5500 filing. When is Form 5500 due? Form 5500 is due on the last day of the seventh month following the plan year.
Additionally, any plan funded through a trust—regardless of the number of participants—must also file Form 5500. Welfare plans with fewer than 100 participants that are either unfunded or insured (i.e., do not hold assets in trust) are typically exempt from filing.
It's normally a year after it was due and includes a substantial penalty. Late filed returns are subject to penalties from both IRS and DOL, so it's very important to identify this mistake before we do. The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000.
Schedule H (Form 5500) must be attached to a Form 5500 filed for a pension benefit plan or a welfare benefit plan that covered 100 or more participants as of the beginning of the plan year and a Form 5500 filed for an MTIA, CCT, PSA, 103-12 IE, DCG or GIA.