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Form 5500 Preparation Service

Let ProBenefits Help You Stay ERISA Compliant

Service

This service is designed to assist employers in complying with ERISA reporting requirements for welfare benefit plans.

Scope

This service is available for all ERISA welfare benefit plans (not retirement plans). ProBenefits can assist with current forms or forms for prior years to be filed as part of the DOL's Delinquent Filer Voluntary Compliance Program.  Advising or assistance with participation in the Delinquent Filer program is not included with the standard fee, but is available for an additional fee. For any services other than listed, Jason Cogdill is an ERISA attorney and is available to assist you. Feel free to consult Jason for any specific ERISA compliance needs.

Process

The employer or broker completes and provides to ProBenefits the Form 5500 Data Gathering Form confirming which ERISA plans are to be filed, along with applicable data and schedules (Schedule A, Schedule C, etc). ProBenefits will generate the Form 5500 and provide access to an electronic portal where authorized individuals can review and submit the form. ProBenefits will supply filing instructions for ease of use as well. ProBenefits will also generate a Summary Annual Report ("SAR") for the employer to approve and distribute.

Cost

For a copy of the Form 5500 Preparation Service Fee Schedule, contact us. The standard fee is $200 for the first Form 5500 and one Schedule A, and $100 for each additional Schedule A. Fees may vary based on specific circumstances. A formal quote will be provided at the time of inquiry based on specific plan information.

Background

Form 5500s are required for all ERISA plans maintained by the employer that are not otherwise exempt. Typically, welfare benefit plans with fewer than 100 participants on the first day of the plan year are exempt from filing. ERISA requires that non-exempt plans file Form 5500s by the end of the seventh month following the plan year. (For calendar year plans, this means the form must be submitted to the Department of Labor electronically by July 31.) 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.

Electronic Filing

Beginning with 2009 plans, Form 5500s are required to be filed electronically through the Department of Labor's EFAST2 program. As a plan sponsor, you are required to obtain signing credentials by completing an internet registration on the Department of Labor’s website referenced above and clicking “Register” on the left-hand panel. When registering for credentials, if you are using the ProBenefits service, you should only need to register as a “Filing Signer”. If you need assistance on getting credentials, please contact us as we’ll be happy to provide detailed instructions.

Please Note:

  • This service is a stand-alone product and an employer is not required to utilize other services that ProBenefits offers. If an employer would like to utilize the Form 5500 Service for future plan years, the employer needs to submit the applicable current year data and schedules as soon as they become available or within 30 days of the filing deadline. Finally, by way of disclaimer, ProBenefits is not an accounting firm and does not provide formal accounting or legal advice.

How Do I Get Started?