Employer Action Items
- Determine whether your organization will need to file Form(s) 5500 for any calendar year plans;
- Collect Schedule A’s, as well as any related information required to accurately file the annual Form 5500(s);
- Reach out to vendors to confirm any deadlines in place for information submission;
- Work with vendors to electronically file Form(s) 5500 (including required schedules and attachments) using the DOL’s EFAST2 electronic filing system (no later than by July 31, 2024);
- If extra time is required, file IRS Form 5558 no later than by July 31, 2024.
Summary
Employers sponsoring certain tax-qualified employee benefit plans and other programs subject to the Employee Retirement Income Security Act of 1974 (“ERISA”) must electronically file with the US Department of Labor (“DOL”), an annual Form 5500. The Form 5500 is designed to advise the IRS and the DOL, as well as plan participants and beneficiaries, of important information related to the underlying plan’s sponsorship, administration and financial performance. All ERISA-qualified health and welfare plans must annually submit a Form 5500, unless an exemption applies to the employer, or the underlying plan or arrangement. Employers bundling benefits under a wrap plan are only required to file a single Form 5500 respective of all benefits offered under such wrap plan.
Note: Small welfare benefit plans (generally fewer than 100 covered participants as of the first day of the plan year) that are also unfunded and/or fully insured (or a combination of unfunded and insured) are exempt from the Form 5500 submission requirement.
Employers maintaining employee benefit plans operated on a calendar year basis must submit their 2023 Form 5500s with the U.S. Department of Labor (“DOL”) by or before July 31, 2024. To the extent a plan sponsor appropriately submits an IRS Form 5558, the applicable Form 5500 deadline may be extended by 2.5 months (as due on or before October 15, 2024).
For More Information
- Information regarding the Form 5500: https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500;
- 2023 Form 5500: https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500;
- 2023 Instructions for Form 5500: https://www.dol.gov/sites/dolgov/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2023-instructions.pdf;
- Information regarding Form 5558: https://www.irs.gov/forms-pubs/about-form-5558;
- Form 5558: https://www.irs.gov/pub/irs-pdf/f5558.pdf.
For more information
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