News & Analysis as of

Form 5500

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Schlicter targets Charter in Forfeiture case

Schlichter Bogard, LLC represents participants of the $7 billion Charter Communications, Inc. 401(k) Savings Plan in a class action against Charter Communications, Inc....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You’ll get hammered if you don’t use the DFVCP

I sound like a broken record, but I won’t stop until 401(k) plan sponsors understand the issue of a late Form 5500 and Internal Revenue Service (IRS) and Department of Labor (DOL) penalties....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Red Flag Report is a Red Flag

George Carlin had a joke that to get off a jury, you should just tell the Judge that you can determine a person is guilty by just looking at them....more

Verrill

Solo 401(k) Plans: A Quick Fix-It Guide

Verrill on

“Solo 401(k)” is a marketing term used for a 401(k) plan that is adopted by a sole proprietor or an incorporated business with no employees other than the owner. These plans offer a greater retirement savings opportunity...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You don’t have as much leverage as you think

As a plan fiduciary, I still can’t believe it. A Third Party Administrator (TPA) we terminated was trying to hold us up for valuations and a Form 5500 we paid for, as part of, annual administration. It was $80,000....more

Maynard Nexsen

February Compliance Corner: An Overview of Form 5500

Maynard Nexsen on

If your company offers an employee benefit plan under the Employee Retirement Income Security Act (“ERISA”), you are likely required to file Form 5500. Form 5500 is an annual report that contains information about a company’s...more

Proskauer - Employee Benefits & Executive...

PBGC Technical Update on Accelerated Premium Filing Due Dates for 2025

As described in further detail below, absent Congressional action, plan sponsors should take note that PBGC premium filings will generally be due one month earlier than usual for plan years beginning in 2025. This...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS has a tough time with the 5500 “zig zag”

The Internal Revenue Service (IRS) doesn’t read the 5500s, but the Department of Labor (DOL) does....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that Final 5500 done ASAP

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....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Filing that late 5500 can be a weapon of mass destruction

Missing that deadline to file a Form 5500 is a huge problem. Sometimes people forget even when the Third Party Administrator (TPA) completes it promptly. I’ve had clients not realizing they had a year or two years’ worth of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Social media gets clients

As discussed so many times in the past, I went to that crappy law firm and thought I could use social media to bring in clients. The managing attorney had so much disdain for it. She thought it was such a lowly concept, like...more

Morgan Lewis - ML Benefits

Increased Penalties and Faster Enforcement Potential Changes to the DOLs Form 5500 Penalty Program

Recently, we have become aware of what appears to be a new approach in the US Department of Labor’s (DOL’s) Form 5500 Annual Report (Form 5500) penalty program, including increased penalties and faster enforcement actions....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Just another TPA screw up

Retirement plans with more than 100 participants with account balances require a CPA audit for their Form 5500. However, small plans with less than 100 participants may sometimes require an audit. This often happens when more...more

Venable LLP

July Filing Deadlines for Employee Benefit Plans

Venable LLP on

By July 31, employers that sponsor self-funded medical plans must report and pay their PCORI fee. By July 31, employers that sponsor calendar-year employee benefit plans that are subject to ERISA must file a Form 5500 (unless...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Not filing a Form 5500 is the greatest catastrophe

I have about a half dozen corporations where I need to file a corporate tax return by March 15. Every year, I panic and get the work done. I think one year, I was on an extension. So I don’t understand when I have clients...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The audits might be coming

I have handled more audits in the past six months, than in the past 5 years. Whether it’s the Internal Revenue Service or the Department of Labor, I’ve had many cases. Most are of the garden variety, random audits....more

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

Groom Law Group, Chartered

Newly Released 2023 Form 5500s Reflect Significant Changes

The Department of Labor (“DOL”), Internal Revenue Service (“IRS”) and the Pension Benefit Guaranty Corporation (“PBGC”) (collectively, “Agencies”) recently released the 2023 Form 5500s containing significant reporting changes...more

Pullman & Comley - Labor, Employment and...

A New Way to Count Participants in Individual Account Retirement Plans

Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more

Bricker Graydon LLP

Avoiding the Cost of an Annual Plan Audit Just Got Easier for Thousands of Employers

Bricker Graydon LLP on

In welcomed news, under newly released DOL regulations, the Department of Labor (DOL) has updated the Form 5500 filing requirements to reduce the number of plans that will be required to obtain an annual audit. The rule...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I’ve got nothing is no answer

I would have this recurring nightmare when I was younger, when I would dream that I was back in school, didn’t attend class all semester, and the final for the class was that day. I later learned that this was a fear of...more

Holland & Hart - The Benefits Dial

You Can Count On Me…But Check Your Math When Counting Participants for the 5500 Audit Rule!

Bruno Mars may be crooning “Count on me,” but make sure you don’t overcount your retirement plan participants! New rules may allow you to leave some employees out of the count, which could save you the expense of the annual...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

AI is here for 401(k) review

I’ve been long in this business to remember no participant websites, so I’m amazed by technological breakthroughs. Artificial Intelligence (AI) tools BenchMine is billed as the first-ever AI 401(k) comparative analysis...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

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