Why You Should Ask Our Company to Prepare Form 5500 on Your Behalf

If you have been looking for a top benefits consulting group to help you with DOL Form 5500 preparation, we are ready to work with you.

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Are you aware that Form 5500 was jointly developed by the Department of Labor, the Pension Benefit Guaranty Corporation, and the Internal Revenue Service to enable citizens to conveniently fulfill their annual reporting obligations under Titles I and IV of ERISA, as well as under the Internal Revenue Code?

If you seek our services, we shall enable you to understand that Form 5500 is a vital compliance, disclosure, and research tool for the DOL (Department of Labor). We shall also help you know that the form is an essential disclosure tool for plan beneficiaries and participants, as well as a valuable source of information and data for use by the private sector, other federal agencies, and Congress in assessing the benefits, policies, tax obligations, and economic trends of employees.

We take cognizance of the fact that Form 5500 prep is part of the general disclosure and reporting framework of ERISA and is intended to assure that the operation and management of employee benefit plans comply with the prescribed standards. Participants, regulators, as well as beneficiaries, have access to, and are provided with enough information to safeguard the benefits and rights of beneficiaries as well as participants under the employee benefits plans.

Compliance with the electronic filing requirement

If you seek the services provided by our company, we’ll explain to you how you can comply with the electronic filing requirement and why you should comply.

We are aware that since 1st January 2010, it was declared that completion and submission of Form 5500 Employee Benefit Plan Reports/ Annual Returns, Form 5500 SF Small-Employee Benefits Plan Reports/ Short-Form Annual Returns as well as other requisite attachments and schedules, must be done electronically using third-party software approved by EFAST2, and/or through IFILE.

We are also aware that specific 5500-EZ filers are permitted to electronically submit Form 5500-SF using EFAST2 rather than submitting hard copies to the IRS.

Schedules

Our employees clearly understand everything related to Form 5500, including all schedules. Therefore, they’ll help you understand difficult concepts. If you come to us, you can be assured that qualified, knowledgeable, and experienced employees will prepare your Form 5500.

Our employees are familiar with the following: Schedule A (Insurance Information), Schedule C (Information on Service Provider), Schedule D (Participating Plan Information/ DFE), Schedule G (Financial Transactions), and Schedule H (Financial Information).

Additionally, our employees know Schedule I (Financial Information for Small Plans), Schedule MB (Multi-Employer Defined Benefits Plan & Certain Money Purchase Schedule Actuarial Information), Schedule R (Retirement Plan Information) as well as Schedule SB (Single Employer Benefit-Plan Actuarial Information).

For these reasons, if you ask us to prepare the Form 5500 for you, you’ll be assured of getting value for money.

Dol Form 5500 Search

There are many reasons why you should hire us to take care of any problem that pertains to the preparation of Form 5500

We have the capacity to visit the Department of Labor’s website and conduct a Dol Form 5500 search to ascertain if EFAST2 received your Form 5500. We shall review the forms, attachments, and schedules you submitted to determine whether everything was done correctly.

Do you know that if the documents you submitted are uploaded on the Department of Labor’s website, it doesn’t necessarily mean that the DOL (Department of Labor), Internal Revenue Service and Pension Benefit-Guaranty Corporation will automatically accept them? That’s why you should let us carry out a Dol Form 5500 Search on the DOL’s website to establish if you met all the requirements.

Why you should ask us to prepare your Form 5500 (employee benefit plan report/ annual return)

We shall prepare the Form 5500 on your behalf to report your financial condition, operations, and investments. I will then advise you on how to electronically file it via EFAST2 before the deadline (July 31st for a 12-month plan).

When the government (through the three aforementioned departments) asked everyone to shift to the electronic filing system, and the departments made several changes to Form 5500, many didn’t know what to submit for plan years before the current year, or how to alter prior year filings. If you come to us for assistance, we shall help you understand the proper schedules and the correct version of Form 5500 to use.

We shall enlighten you on why you should never, under any circumstances, electronically submit any form (such as Schedule SSA) that contains information about deferred or separated participants to the DOL (Department of Labor). We will explain why such information should be submitted separately to the IRS.

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