Tell me about Form 5500.

Form 5500 is required annually for all ERISA health and welfare plans maintained by certain employers. The filing is required under ERISA and enforced by the Department of Labor (DOL).

Who must file?

Typically, health and welfare benefit plans with 100+ participants (employees) on the first day of the plan year.

When determining if you must file, you look at all the lines of coverage when calculating the number of participants. For example, there could have been 85 employees in the
medical plan on the first day of the plan year and 115 employees on the companypaid life on that date. In this case you would need to file the forms because there were more than 100 participants in the company-paid life on the first day of the plan year. One note, if you maintain your welfare benefit plan in conjunction with a trust (VEBA), you must file a Form 5500 regardless of the number of participants.

Governmental, public school and church affiliated employers are exempt.

Ok. I have to file. Now what?

ERISA requires that plans file Form 5500 by the end of the seventh month following the end of the plan year. For calendar year plans, this means the Form must be submitted to the DOL by July 31 of the following year. An automatic 2 ½ month extension can be granted by completing and mailing Form 5558 to the IRS prior to the due date of the Form 5500.

Failing to file a Form 5500 for your business, if required, can result in large penalties (up to more than $2,000 per day).

FlexBank makes the process easy for the employer.

FlexBank’s preparation process is designed to be simple and efficient for the employer.

First, FlexBank needs a completed Form 5500 Application. Return the application to FlexBank along with all of your Schedule As and Schedule Cs (if applicable). Your insurance carriers will send you these forms, but only if you have more than 100 participants.

FlexBank then generates the Form 5500 and provides the employer with access to an electronic portal where the authorized individual(s) can review and submit the Form to the government. FlexBank will provide a step by step guide with filing instructions.

FlexBank also provides a Summary Annual Report (“SAR”) for the employer to approve and distribute as required.

Why FlexBank for 5500s?

FlexBank utilizes IRS approved software for the most efficient and cost-effective filing. And, better yet, FlexBank also prepares the DOL required ERISA wrap document. The Form 5500 and the wrap document must be consistent.

Don’t have a wrap document? Click Here or call FlexBank’s compliance department today to talk through the
requirement and how FlexBank can help you.

How much?

For a specific quote, contact us.

$400 per plan number
$200 for amended return

Additional fees for multiple
and/or delinquent filings.

Download Application