IRS 5500

mrsbowden

I am confused x:) What is the easiest way to determine if a company is required to file a 5500. I have read a few things but seem to get confused again. A few of us are wavering as to whether or not we should be filing this, it is said that we have filed them in the past for all of our Benefit plans but not sure why, or if we still should

Anyone care to share x:-/ TOTALLY Confused!

mwild31

How many employees do you have?

mrsbowden

approx 311

mrsbowden

The info. that I have found seems to base whether or not you have to file the 5500 on Pension and Welfare and Large and Small plans (# of participants).

Betty I_O

In simple terms, all welfare benefit plans covered by ERISA are required to file a 5500. Welfare benefit plans provide benefits such as medical, dental, life insurance, long-term disability, etc.

The IRS did suspend some filing rwquirements for specified fringe benefit plans (cafeteria plans, educational assistance, adoption assistance, and pre-rax programs). This may be what has caused the confusion. A health care flexible spending account, for example, which is both a welfare plan under ERISA because it reimburses medical expenses and a cafeteria plan, still is required to file a Form 5500 if it has 100 or more participants.

You can access websites at [url]www.irs.gov[/url] or [url]www.efast.dol.gov[/url] or call the EFAST Help Line at 1-866-463-3278 for more assistance. If you have received your filing package for the 5500, that also contains a wealth of information.

mwild31

Hi

My next question is: Is your benefit plan or your retirement plan self-funded? I ask this only because, if it is not, then your benefit plan administrator, at least in my contract, as well as my 401(k)provider provides me a signature ready copy for each plan - I would check your contracts to see if the same is true. It's also these folks that I direct any of my questions to regarding the 5500 - it's usually easier talking to them than it is reading through the IRS mumbo-jumbo. However, if you like that sort of thing - their link is: [url]http://www.irs.gov/pub/irs-pdf/i5500.pdf[/url]

E Wart

If you filed one last year, you probably have to file one this year, if you have over 100 participants. However, there is one exception. The 125/cafeteria Plans don't have to file this year. (No money changing hands here.) If the 125 Plan is part of a wrap document with you other plans, you will have to file with the others. I would consult your CPA or your provider or broker for advice and help. some will do it for you (for a fee). 401(k)/Retirement Plans do have to have them still and the provider normally will complete this for you.
E Wart