Get the free Form 5500 - dol

Instructions for Form 5500 detail the requirements for filing the annual return/report for employee benefit plans with 100 or more participants, as mandated by ERISA and the Internal Revenue Code.

How to fill out form 5500 - dol

How to fill out Form 5500

1. Gather required information: employer identification number (EIN), plan number, and plan name.
2. Choose the appropriate version of Form 5500 (e.g., Form 5500, Form 5500-SF, or Form 5500-EZ).
3. Fill out the identifying information section accurately.
4. Provide details about the plan including type, plan year, number of participants, and funding arrangements.
5. Complete the financial information section, including assets, liabilities, and income for the plan year.
6. Provide information on service providers and plan trustees if applicable.
7. Include any required schedules (e.g., Schedule A, Schedule C) based on the type of plan and services offered.
8. Review all entries for accuracy and completeness.
9. Sign and date the form, and ensure it's signed by the appropriate plan administrator.
10. File the completed Form 5500 electronically using the EFAST2 system by the deadline.

Who needs Form 5500?

1. Employers sponsoring a retirement or welfare benefit plan for their employees.
2. Plan administrators who must report information about the plan's financial condition.
3. Certain organizations, like multiemployer plans or large pension plans, are required to file Form 5500.

People Also Ask about

Who is exempt from filing form 5500?

You do not have to file Form 5500-EZ for the 2024 plan year for a one-participant plan if the total of the plan's assets and the assets of all other one-participant plans maintained by the employer at the end of the 2024 plan year does not exceed $250,000, unless 2024 is the final plan year of the plan.

Which form 5500 should I file?

Beginning January 1, 2021, you can file the Form 5500-EZ electronically through EFAST2; you can no longer use the Form 5500-SF to electronically file “one-participant” plan and foreign plan annual returns. One-participant plans or foreign plans must file the Form 5500-EZ.

Can I file form 5500 myself?

You can use EFAST2 Internet Filing (IFILE), which is a free Internet-based filing tool designed for individual filers and service providers who choose to not use value-added, EFAST2-approved third party software to complete their Form 5500/Form 5500-SF filings.

Who is required to file form 5500-EZ?

Employers who sponsor one-participant plans or foreign plans must file Form 5500-EZ electronically using the Department of Labor's EFAST2 filing system. Only employers not subject to the IRS e-filing requirements under Treas. Reg. 301.6058-2 may file paper Form 5500-EZ with the IRS.

What is the difference between 5500 and 5500-EZ?

There are 3 types of Form 5500: Form 5500-EZ—for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500—for plans with 100 or more participants. Forms 5500 and 5500-SF must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2)Opens in a new window.

Who has to file a medical form 5500?

IRS Form 5500 applies to most public and private sector businesses providing plans to 100 or more participants. It must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2).

What is the difference between form 5500 and 5500-EZ?

There are 3 types of Form 5500: Form 5500-EZ—for one-participant plans only; Form 5500-SF for plans with fewer than 100 participants; and Form 5500—for plans with 100 or more participants. Forms 5500 and 5500-SF must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2)Opens in a new window.

What is the form 5500 for?

The Form 5500 Series is part of ERISA's overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in ance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient

Who needs to file 5500 for health insurance?

Employers are required to file Form 5500 with the Department of Labor (DOL) when their plan has 100 or more employee participants at the beginning of a plan year and when their plan is funded through a trust, regardless of the number of participants.

Can you switch from a 5500-sf to 5500-ez?

Beginning January 1, 2021, a "one-participant" plan and a foreign plan can file Form 5500-EZ electronically using the EFAST2 filing system or file Form 5500-EZ on paper with the IRS. You can no longer use Form 5500-SF in place of Form 5500-EZ.

For pdfFiller’s FAQs

What is Form 5500?

Form 5500 is an annual reporting form used to disclose financial information about employee benefit plans, including pension and health plans, as mandated by the Employee Retirement Income Security Act (ERISA).

Who is required to file Form 5500?

Employers who maintain certain employee benefit plans, such as pension plans, health plans, or welfare benefit plans, are required to file Form 5500, typically if the plan has 100 or more participants.

How to fill out Form 5500?

Form 5500 can be filled out electronically through the EFAST2 system. Plan sponsors must provide accurate and complete information concerning the plan, including financial statements, schedules, and any necessary attachments.

What is the purpose of Form 5500?

The purpose of Form 5500 is to provide the federal government, plan participants, and the public with information about the financial conditions and operations of employee benefit plans.

What information must be reported on Form 5500?

Form 5500 requires reporting of various information, including plan identification details, financial statements, schedule of assets, service provider information, and compliance with regulatory requirements.