IRS 5500 Form Filings Requirements
Instructions for Form 5500
About the Form 5500
The Annual Return/Report Form 5500 is used to report information concerning employee benefit plans. Any administrator or sponsor of an employee benefit plan subject to ERISA must file information about each plan every year. Every employer maintaining a specified fringe benefit plan is also required to file each year.
Penalties
Administrative Penalties
1.
A penalty of up to $1,100 a day for each plan an administrator fails or refuses
to file a complete report.
2. A penalty of
$1 a day (up to $5,000) for each participant for whom a registration statement
is required but not filed.
3. A penalty of
$1,000 for not filing an actuarial statement.
Other Penalties
| 1. | Any individual who willfully violates any provision of Part 1 of Title I of ERISA shall be fined not more than |
| $5,000 or imprisoned not more than one year, or both. | |
| 2. | A penalty up to $10,000, 5 years imprisonment, or both, may be imposed for making any false statement or |
| representation of fact, knowing it to be false, or for knowingly concealing or not disclosing any fact required by | |
| ERISA. |
Welfare Benefit Plan
Some welfare benefit plans covered by ERISA are required to file a Form 5500. Welfare benefit plans provide benefits such as medical, dental, life insurance, apprenticeship and training, scholarship funds, severance pay, disability, etc.
Fringe Benefit Plan
Cafeteria plans described in Code Section 125, educational assistance programs described in Code section 137 are considered fringe benefit plans and are required to file the annual information specified by Code section 6039D.
Pension Benefit Plan
Many pension benefit plans covered by ERISA are required to file a Form 5500. The return/report is due whether or not the plan is qualified, if benefits no longer accrue, if contributions were not made this plan year, or if contributions are no longer being made. Pension benefit plans required to file include both defined benefit plans and defined contribution plans.
When To File
File 1999 return/reports for plan years that started in 1999. All required forms, schedules and attachments must be filed by the last day of the 7th calendar month after the end of the plan year (not to exceed 12 months in length) that began in 1999.
Short Year
For a short plan year, file the form and applicable schedules by the last day of the 7th month after the short plan year ends.
Special 1999 Transition Rule
The due date for a 1999 Form filed for a DFE with a fiscal year ending in 1999 is October 16, 2000.
Note: If the filing due date falls on a Saturday, Sunday, or Federal holiday, the return/report may be filed on the next day that is not a Saturday, Sunday, or Federal holiday.
Extension of Time To File - A one-time extension of time to file Form 5500 (up to 2 ½ months) may be obtained by filing Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, must be before the normal due date (not including any extensions) of the return.
Where To File
File the Form 5500, with any required schedules, statements, and attachments, at the address indicated below.
PWBA
P.O.
Box 7043
Lawrence,
KS 66044-7043
By private delivery service:
PWBA/NCS
Attn:
EFAST
3833
Greenway Drive
Lawrence,
KS 60046-1290
Copyright © 2000 ClientServ L.L.C.