News & Analysis as of

Form 5500

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?

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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

Keating Muething & Klekamp PLL

Benefits Monthly Minute - April 2023

The April Monthly Minute examines upcoming Form 5500 changes (which particularly impact small plans) and a recent case highlighting the importance of compliance with plan termination procedures....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plan sponsors simply can’t overpay

How to determine whether a plan sponsor is paying way too much? Like Justice Potter Stewart would say, I know it when I see it. I have seen the information shown on Form 5500 or a fee disclosure form. Whether it’s the plan...more

Seyfarth Shaw LLP

Wait What??? I Don’t Have to Audit My Small Employer Retirement Plan Anymore??

Seyfarth Shaw LLP on

Seyfarth Synopsis: New rules change the method of counting participants for Form 5500 purposes, possibly both eliminating audits and allowing use of the abbreviated Form 5500-SF....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

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

Groom Law Group, Chartered

DOL Suggests Changes to Its Voluntary Fiduciary Correction Program and Related Exemption

November 18, 2022, the Department of Labor (“DOL”) released a number of changes to its Voluntary Fiduciary Correction Program (“VFCP”) in both an update of VFCP and related guidance....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

Morgan Lewis - ML Benefits

Ready for a Sale? Part 4: Health and Welfare Plans

This is the fourth and final post in a series aimed at getting the HR, benefits, and executive compensation functions of your organization ready for a potential sale or similar corporate transaction. This post addresses...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

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

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