Get the free Form 5500

This form is required to be filed for employee benefit plans under sections 104 and 4065 of the Employee Retirement Income Security Act of 1974 (ERISA) and sections 6047(e), and 6058(a) of the Internal

How to fill out form 5500

How to fill out Form 5500

1. Obtain the latest version of Form 5500 from the U.S. Department of Labor website.
2. Read the instructions carefully to understand your reporting obligations.
3. Fill in your plan information such as the plan name, plan number, and sponsor details.
4. Complete the sections regarding financial information, including assets and liabilities.
5. Report the number of participants in your plan.
6. Include any additional schedules that apply to your specific plan type.
7. Review the completed form for accuracy and completeness.
8. Submit the form electronically via the EFAST2 system by the deadline.

Who needs Form 5500?

1. Employers with pension and welfare benefit plans that are subject to the Employee Retirement Income Security Act (ERISA).
2. Plan administrators responsible for filing annual reports for the retirement or health plans they manage.
3. Certain organizations, including multiple-employer plans and certain government plans.

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 a federal form required by the Employee Retirement Income Security Act (ERISA) that is used to report information about employee benefit plans, including health, retirement, and other welfare benefit plans.

Who is required to file Form 5500?

Employers who maintain certain types of employee benefit plans, such as pension plans and welfare benefit plans, are required to file Form 5500. This includes plans covered by ERISA and certain other plans that fall under IRS regulations.

How to fill out Form 5500?

Form 5500 can be filled out online using the DOL's EFAST2 system or via paper form. Employers must provide information about the plan, its financial conditions, and any changes that might affect plan operations or funding. Detailed instructions and attachments may be necessary, depending on the plan type.

What is the purpose of Form 5500?

The purpose of Form 5500 is to ensure compliance with federal regulations regarding employee benefit plans. It provides the government with necessary information to monitor and protect participants and beneficiaries in plans, as well as to facilitate the enforcement of ERISA requirements.

What information must be reported on Form 5500?

Form 5500 requires reporting of information related to plan identification, financial statements, compliance with regulatory requirements, participant data, service provider information, and any changes in plan status. Specific schedules may be required based on the type of plan.