What is an employee plan return?

What is an employee plan return?

Each year, employee benefit plan administrators are generally required to file a return/report regarding the plan’s financial condition, investments and operations. For instance, administrators of certain small employee benefit plans can use the two-page Form 5500-SF to satisfy their annual reporting obligations.

Is form 5500 an annual report?

The IRS Form 5500 is an annual report, filed with the U.S. Department of Labor (DOL) that contains information about a 401(k) plan’s financial condition, investments, and operation. Form 5500-SF is the short-form version for plans with fewer than 100 participants.

Do defined benefit plans file form 5500?

Plan administrators for Keoghs (e.g. money purchase, profit sharing), company pension (i.e. defined benefit) and company profit sharing plans, certain 403(b) plans, and 401(k) plans must generally file a Form 5500 each year.

What is a 5500 annual report?

Form 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan. Known as the “short form,” this version is for retirement plans and health and welfare plans with fewer than 100 participants.

What is a 5500-series return?

The IRS, Department of Labor, and Pension Benefit Guaranty Corporation developed the Form 5500-series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.

Who has to file a 5500 report?

The employer maintaining the plan or the plan administrator of a Pension or Welfare benefit plan covered by ERISA. File Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan.

What is the due date for filing Form 5500?

July 31
Form 5500 must be filed annually by the last day of the seventh calendar month after the end of the plan year (July 31 for calendar year plans) unless an extension is filed. If the plan files for an extension, the Form 5500 is due two and a half months later (October 15 for calendar year plans).

How many employees do you need to file a 5500?

ERISA plans with 100 or more participants at the beginning of the plan year are required to file a Form 5500. An ERISA financial audit may also be required. Small plans with less than 100 participants at the beginning of the plan year may be eligible to file Form 5500-SF.

How to file a Form 5500 annual report?

The annual reporting obligation is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan or Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan, plus any required schedules and attachments.

Which is the employee benefit plan Form 5500?

The Form 5500, Annual Return/Report of Employee Benefit Plan, including all required schedules and attachments (Form 5500 return/report), is used to report information concerning employee benefit plans and Direct Filing Entities (DFEs).

What is purpose of ERISA Form 5500 series?

Quick Links. The Form 5500 Series is part of ERISA’s overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information…

What do you need to know about the 5500 series?

The Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 Series so employee benefit plans could utilize the Form 5500 Series forms to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code. The Form 5500 Series…