Why June Is Critical for ERISA and Form 5500 Planning
As June draws to a close, many employers feel the pressure of compliance season approaching fast. The third quarter is notorious for bottlenecks, tight deadlines, and vendor delays—especially when it comes to benefits compliance. That’s why the smartest HR teams and plan administrators are taking action now, using June to reassess their compliance strategies before the Q3 rush hits.
Starting your review now provides the breathing room to address gaps, gather documentation, and ensure your filings are audit-ready without the stress of last-minute scrambles.
Mid-Year Compliance Mistakes That Could Cost You
Even well-run businesses encounter compliance hiccups—especially mid-year. Here are some of the most common issues we uncover during our June check-ins:
- Missing or outdated Summary Plan Descriptions (SPDs)
- Incomplete or late Form 5500 filings
- Inaccurate participant counts and benefit details
- Plan changes not reflected in official documentation
- ACA reporting oversights from earlier in the year
These small cracks can lead to serious problems if not addressed in time—especially with the IRS and DOL watching closely.
What Smart Employers Are Doing Right Now
Q3 is when everything ramps up: vendors are maxed out, internal teams are juggling PTO schedules, and deadlines loom large. If you wait until July or August to start preparing, here’s what you risk:
- Vendor delays or unavailability for critical filings like Form 5500
- Increased audit risk due to rushed or incomplete data
- Higher penalties for non-compliance—like up to $2,670 per day for late 5500 filings
Waiting until the last minute creates unnecessary pressure—and often, costly mistakes.
Mid-Year Moves That Keep You Ahead of Compliance Risk
The most proactive employers are using June to:
- Run a mid-year compliance audit to flag documentation gaps early
- Coordinate with vendors and TPAs to lock in support before the Q3 surge
- Cross-check plan data with HR, payroll, and benefits administrators
- Engage expert consultants to lead the compliance charge
Here’s why many choose BC2 to prepare their Form 5500 filings.
Let BC2 Help You Stay Compliant All Year Long
At Benefits Compliance Consultants (BC2), we specialize in helping businesses:
- File Form 5500 accurately and on time
- Maintain airtight ERISA compliance
- Identify and resolve potential red flags before they lead to penalties
With decades of experience and nationwide support, we guide you through the complex compliance landscape, so you stay focused on growing your business.
Don’t Let July Sneak Up On You
June isn’t just the midpoint of the year—it’s the gateway to compliance season. The companies that act now are the ones that avoid panic, penalties, and burnout.
Let BC2 help you take control of your compliance strategy before the clock runs out.
Explore More Benefits Compliance Insights
What Happens If You Don’t File Form 5500?
Recognizing Summary Plan Description Distribution Requirements
Why You Should Ask Our Company to Prepare Form 5500 on Your Behalf
