News & Analysis as of

Retirement Plan Internal Revenue Service 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

Polsinelli

New Form 5500 Rules Permit More Plans to Qualify for Audit Exemption

Polsinelli on

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation recently issued final rules on employee benefit plan annual reporting requirements that are effective for plan years beginning on or...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

Groom Law Group, Chartered

DOL Finalizes Significant Form 5500 Changes for 2023 Year

On February 24th, the Employee Benefits Security Administration, Internal Revenue Service, Treasury, and Pension Benefit Guaranty Corporation (together, “the Agencies”) released Final forms revisions and Final Rules related...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Solo 401(k) and Form 5500 trap

I think the Solo 401(k) plan is one of the great treats for sole proprietors. I have been using it for years. The problem is that there is so little help, that sponsors of these plans fall into a trap when they forget that...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.

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.

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

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

Morgan Lewis

Relaxed IRS Self-Correction Rules a Boon for Plan Sponsors—and an Opportunity to Correct Failures Now

Morgan Lewis on

On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, which made several important changes to the Employee Plans Compliance Resolution System (EPCRS) and expanded the ability of plan...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

Foley & Lardner LLP

Acquiring a New 401(k) Plan in an M&A Transaction… Now What?

Foley & Lardner LLP on

401(k) Plan Mergers and Updated IRS Determination Letters - As part of an M&A transaction, your company may assume a new 401(k) plan that is sponsored by the acquired business. This article includes some common questions...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.

You’re late, file for the DVCP, because the penalties are larger

Failure to file Form 5500 is costly as the Department of Labor (DOL) and Internal Revenue Service (IRS) has jurisdiction over the form and can set forth separate penalties....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with DFVCP

When a plan sponsor has a late Form 5500 to file, one of the great things out there is the Delinquent Filer Voluntary Compliance Program (DFVCP). It gives the plan sponsor the opportunity to pay reduced civil penalties for...more

Seyfarth Shaw LLP

IRS Provides Guidance on CARES Act Defined Benefit Contribution Funding Relief

Seyfarth Shaw LLP on

Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provided relief for qualified plans as a result of COVID-19. With respect to qualified defined benefit pension plans, the CARES Act...more

Blank Rome LLP

Small Employers Face Pandemic-Induced 401(k) Plan Challenges

Blank Rome LLP on

The Covid-19 pandemic and its shock to the country’s economy have been felt particularly hard by small employers, who are also likely to face a number of looming problems with their 401(k) plans. This article discusses three...more

Groom Law Group, Chartered

IRS and PBGC Guidance on Single-Employer Defined Benefit Funding Relief Under The CARES Act

On July 31, the IRS issued Notice 2020-61 (the “Notice”) to provide guidance related to the special funding rules applicable to single-employer defined benefit pension plans under the Coronavirus Aid, Relief, and Economic...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

Pullman & Comley - Labor, Employment and...

More Disaster Relief for Employee Benefit Plans Due to COVID-19

On April 28, 2020, the Employee Benefits Security Administration (“EBSA”) issued three documents related to COVID-19 relief: (i) EBSA Disaster Relief Notice 2020-20 (EBSA Notice 2020-01); (ii) the text of a final rule...more

Seyfarth Shaw LLP

COVID-19 Disaster Relief for the Retirement Side

Seyfarth Shaw LLP on

Seyfarth Synopsis: Last Tuesday, the U.S. Department of Labor (DOL) granted relief for a number of deadlines related to the administration of employee benefit plans, including furnishing notices and disclosures to plan...more

Kilpatrick

Agencies Provide COVID-19 Regulatory Relief for Employee Benefit Plans

Kilpatrick on

The Department of Labor in connection with other agencies (the “Agencies”) have released guidance delaying and extending many common deadlines for employee benefit plans. In EBSA Disaster Relief Notice 2020-01, the DOL...more

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