Form 5500 basics.
The Form 5500 is the yearly report that ERISA plans submit to the Department of Labor. As a rule, filing is required where participants number 100 or more at the start of the plan year; smaller insured or unfunded welfare plans are often exempt, and self-funded plans follow different rules.
Let your broker or advisor verify which rule applies to your plan.
How the 5500 Rules Work.
The Form 5500 is the yearly report that ERISA plans submit to the Department of Labor. As a rule, filing is required where participants number 100 or more at the start of the plan year; smaller insured or unfunded welfare plans are often exempt, and self-funded plans follow different rules.
Wrap documents, plan descriptions and participant counts all feed the filing. A missing or late filing can bring penalties.
Your own facts decide whether a filing is due, so ask your adviser or counsel. General information only, not legal advice.
A few more questions.
Who prepares the 5500?
Often an accounting firm, a third-party administrator or your benefits adviser, depending on the plan.
What if we miss the deadline?
Late filing can bring penalties, so track the date and ask your advisor about options.
What do we need to prepare it?
Plan documents, participant counts, insurance contract information and financial data.
How is it filed?
Electronically through the Department of Labor’s system.
Does a small employer need anything?
Possibly other documents, such as a plan description. Ask your adviser.
Related guides.
Health Insurance Broker for Mid-Size Michigan Employers
What growing Michigan employers should expect.
What does ACA reporting require at our size?
Applicable large employers must send the IRS yearly information returns and provide statements to their full-time employees. Your broker should track that date on your compliance calendar.
Will switching brokers change our carrier?
No. Switching brokers is an administrative step; changing carriers or plans is its own separate decision.
Where the Rules Come From.
Each statute or regulation named here is linked to its source. Read this as general information, not legal or tax advice, and review the current text, as rules are revised.
ERISA (29 U.S.C. Chapter 18)
The federal law that sets reporting, disclosure and fiduciary rules for employer-sponsored benefit plans.
Plan Reporting and Form 5500 (29 U.S.C. 1021-1031)
Covers the yearly Form 5500 and the plan documents that participants are entitled to receive.
ACA Employer Reporting (26 U.S.C. 6056)
Large employers tell the IRS about the coverage they offer and give employees statements.
Send us your renewal.
We’ll tell you whether it looks competitive, where we see opportunity, and the five questions we’d put to your carrier. No cost, and no obligation to move anything.
The renewal letter
Your current plan summary
Contribution split by tier
Enrolled counts by tier
Four documents — two more if your group is 50 or more. Nothing else; every extra one is a reason to postpone.
An independent employee benefits consulting firm. We look at the entire benefits program: cost, plan performance, risk and administration.
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