News & Analysis as of

Retirement Plan Employee Retirement Income Security Act (ERISA) Form 5500

Bricker Graydon LLP

Do you Have the Proper Document in Place to File a Single 5500 for your Welfare Plans?

Bricker Graydon LLP on

Unless an exception applies, all ERISA-covered benefit plans have to file an annual Form 5500 each year with the DOL and IRS (filed through the DOL’s website). Plan sponsors have the ability to combine their welfare plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Content beats cold calling in my mind

I got a phone call from a broker who wanted to give me a free 401(k) analysis. I’m sure the call was from Form 5500 where I’m listed as a plan sponsor. The broker had no idea who I was or what I did for a living, but it...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2023 Form 5500 changes announced

The 2023 Form 5500, which will be filed beginning in mid-2024, includes the following changes...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL announces Form 5500 changes

The Department of Labor (DOL) announced changes to Form 5500. For Multiple Employer Plans (MEPs), new codes have been added to Line 8a of Part II to identify different types of MEPs, such as pooled employer plans,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem of late deferrals

While working as an ERISA attorney with a national practice (cough, cough), it’s clear to me that the biggest compliance issue that my plan sponsors clients to have these days is the late deposit of deferrals....more

Faegre Drinker Biddle & Reath LLP

The Annual Form 5500 Audit: DOL Broadens Criteria for Independent Qualified Public Accountants

The Department of Labor (DOL) recently removed one regulatory hurdle for public companies that maintain employee benefit plans subject to the Form 5500 requirement. Specifically, the DOL has relaxed the criteria for who...more

Dickinson Wright

It’s Form 5500 Season: Five Common Mistakes that Plan Sponsors Should Avoid

Dickinson Wright on

We are just past the “official” start of summer, which means it is time for sponsors of retirement plans and many health and welfare plans to think about preparing and submitting Form 5500. In this post on the All Things HR...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Goodbye, limited scope audit

The auditing business for retirement plans has been cleaned up over the years, and quite a few auditors who have no business conducting audits were moved aside by the Department of Labor (DOL), and further changes for the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Changes to 5500 reflect PEP requirements

The Department of Labor’s Employee Benefits Security Administration (EBSA) released their final revisions to the Form 5500 and the Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan for the 2021 plan...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Correct the late deferral issue correctly

Correcting your plan’s late deposit of salary deferrals by depositing them and making a contribution to make up for lost earnings in your 401(k) plan isn’t enough....more

Morgan Lewis - ML Benefits

DOL Updates Form 5500 for PEPs and MEPs; No Decision Yet on Group of Plan Issues

The US Department of Labor (DOL) issued a final regulation (Final Rule) on December 29, 2021, updating the 2021 Form 5500 to reflect certain statutory changes included in the Setting Every Community Up for Retirement...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Some guidance on retroactive plans

One of the most annoying parts of being an ERISA attorney was the requirement that new retirement plans be adopted by the last day of the Plan Year, making December 31st a very busy time of year....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Fix those late 5500 errors

With July 31st passing (the deadline for Form 5500 without an extension), it’s a great way to ponder if you have any outstanding Form 5500 issues such as a late return or an incomplete return (such as one missing a plan...more

Groom Law Group, Chartered

Courts Giving DOL More Time to Claim ERISA Violations

The Department of Labor (“DOL”) is relying on a recent Supreme Court decision to effectively extend the amount of time the agency has to bring fiduciary breach claims. DOL investigations often last years, so it is common for...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Beware of the audit of the audit and don’t pay for it

A plan with 100 or more participants requires an audit of a plan’s financial standing conducted by an independent qualified public accountant to be submitted along with Form 5500....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The forgetful part of the DFVCP will cost you

The Delinquent Filer Voluntary Compliance Program (DFVCP) is a Department of Labor (DOL) program designed to encourage voluntary compliance with ERISA’s 5500 program. It’s great as a plan sponsor if you forget to file a Form...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that Final 5500 done

When a plan terminates and distributes all its assets or merges all its assets into another plan, you need to understand that a Final Form 5500 needs to be completed. Otherwise, you will get notified by the Internal Revenue...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

How does it happen? It does/

Part of my job is fixing errors made by plan sponsors and their plan providers. Despite what the top payroll providers who also serve as third-party administrators (TPA) may say, a good part of that job is fixing the errors...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Those answers on that 5500, you may hear from the government

The purpose of an audit of Form 5500 is to make sure that plan sponsors voluntarily comply with the Internal Revenue Code and ERISA. Sometimes, an Internal Revenue Service (IRS) or Department of Labor (DOL) audit is done...more

Holland & Hart - The Benefits Dial

Time Has Come Today…For Form 5500 Season

Days are getting longer, temperatures are getting warmer, plants are looking greener, schools are letting out, Brood X cicadas are emerging…it can only mean one thing…5500 season is approaching. However, unlike the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

It doesn’t matter when you get paid, do your job

There is a growing problem that I’ve seen dealing with plan providers (usually third party administrators (TPAs) who get paid for an entire plan year’s work, get terminated and refuse to complete the end of the year work...more

Morgan Lewis

ERISA Fiduciaries Under a Biden Labor Department: What Is on the Horizon?

Morgan Lewis on

President Joe Biden has been in office for 34 days and his nominee for Secretary of Labor, Marty Walsh, has not yet been confirmed. So far, Mr. Walsh has not publicly stated much regarding his views or intended priorities...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plan settlement shows you what’s wrong

Finding things wrong with a 401(k) plan is very easy when a settlement in. a lawsuit has been reached. BTG International just settled a lawsuit where they are paying $560,000 in a settlement. The complaint stated that the...more

Groom Law Group, Chartered

IRS Extends More Pension Deadlines For COVID-19

IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more

Holland & Hart - The Benefits Dial

Might as Well Face It… Your Annual Retirement Plan Audit is Not a Clean Bill of Health

With calendar year-end Form 5500s due on July 31, or October 15 with an extension (and still no COVID-19 filing relief as of the date this blog was published), it’s that time of year where plan sponsors begin thinking about...more

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