Form 5500 Preparation Service
Service: This service is designed to assist employers in complying with ERISA reporting requirements for welfare benefit plans. ERISA requires that non-exempt plans file Form 5500s by the end of the seventh month following the plan year. Form 5500s are required for all ERISA plans maintained by the employer that are not otherwise exempt. Beginning with 2009 plans, Form 5500s are required to be filed electronically through the Department of Labor's EFAST2 program.
Process: The employer (or broker) will complete and provide to ProBenefits a plan info sheet confirming which ERISA plans are to be filed, along with applicable data and schedules (Schedule A, etc). ProBenefits will generate the Form 5500s and provide to the employer ready for authorization and submission. ProBenefits will supply filing instructions for ease of use as well as assistance with questions and related issues. ProBenefits will also generate a Summary Annual Report ("SAR") for the employer to approve and distribute.
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.
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 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.
Note: This service is a stand-alone product, not an ongoing annual fee service. If an employer would like to utilize the service for future plan years, employer should notify ProBenefits at least 60 days prior to the filing deadline. ProBenefits will not monitor or contact employers for future plan year filings. Finally, by way of disclaimer, ProBenefits is not an accounting firm and does not provide formal accounting or legal advice.