Benefits Compliance Consultants provides the following ERISA Form 5500 prep services:
- Complimentary review of your current Form 5500 filing(s).
- Current or delinquent Form 5500 preparation services.
- Form 5500 electronic filing using the EFAST Filing Acceptance System.
- Form 5550 filing extensions. (Form 5558)
- Pin Relief, eliminating the need for a company signatory.
- Exclusive penalty payment service.
- Assistance with all IRS and DOL compliance related inquiries and audits.
- ERISA Form 5500 outsourcing solutions.
Let our experienced professionals eliminate the hassle of these complex filings and allow you to do what you do best. Our flat rate, all inclusive pricing and world class service is beyond compare… Experience the difference today with a top national benefit consultant group. Read our testimonials.
What is the ERISA Form 5500?
The Form 5500 is used to report pertinent information regarding employee health and welfare benefit plans. All employers with 100 or more employees who are participating in any health and welfare benefit plan as of the first day of a Plan Year must complete an IRS Form 5500 with applicable schedules for that Plan Year, and must do so within seven months of the Plan Year’s end. Each ERISA Form 5500 must accurately reflect the characteristics and operations of the Plan being reported.
Do you have delinquent IRS Form 5500 returns?
We typically encourage our clients to consider filing their delinquent Form 5500 under the Department of Labor’s (DOL) amnesty program or “Delinquent Filer Voluntary Compliance Program” (DFVC). In an effort to encourage pension and welfare plan administrators to file overdue Form 5500 filings, the Department of Labor’s Employee Benefits Security Administration (EBSA) is providing plan administrators with the opportunity to pay reduced civil penalties for voluntarily complying with Form 5500 annual reporting requirements. Plan administrators are eligible to pay reduced civil penalties under the program if the required filings under the DFVC Program are made prior to the date on which the administrator is notified in writing by the DOL of a failure to file a timely annual report under Title I of the Employee Retirement Security Act of 1974 (ERISA).
In the case of a Form 5500 DFVC submission relating to more than one delinquent filing for the same plan, the maximum penalty amount is $2,000 for each annual report, not to exceed $4,000 per plan.
The relief under the DFVC program is available only to the extent that a Form 5500 is required to be filed under Title I of ERISA. For example, Form 5500-EZ filers and Form 5500 filers for plans without employees (as described in 29 CFR § 2510.3-3(b) and (c)) are not eligible to participate in the DFVCP because such plans are not subject to Title I of ERISA.
Benefits Compliance Consultants, Inc. specializes in helping our clients with their current or delinquent Form 5500 preparation and filing needs. We will provide a strictly confidential, no obligation assessment of your Form 5500 filing needs and offer you our flat rate, all inclusive pricing as well as our proprietary penalty payment service eliminating the need to deal directly with the IRS or Department of Labor. Let us help provide you with peace of mind knowing that you have an established ERISA compliance firm like ours to count on.