Yes. Agents can guide clients on whether a 5500 is required and help connect them with vendors, but employers are ultimately responsible for filing.
Form 5500
Do employers with only HSAs or QSEHRAs have to file Form 5500?
No. HSAs and QSEHRAs are not subject to ERISA, so they don’t trigger Form 5500 filing requirements on their own.
Is an SPD required to file Form 5500?
Yes. An SPD is a core ERISA requirement and should support any Form 5500 filing for a health or welfare benefit plan.
What documentation should be kept to support a Form 5500 filing?
Employers should keep SPDs, Wrap documents, insurance certificates, and proof of distribution to support their Form 5500 filing in case of an audit.
What’s the difference between Form 5500 and Form 5500-SF?
Form 5500-SF is a simplified version used for small retirement plans. Health and welfare plans must use the full Form 5500, not the short form.
What is a Plan Number, and how is it assigned?
A plan number is a unique three-digit identifier assigned by the employer for ERISA reporting. Most health and welfare plans use numbers starting at 501.
Can multiple benefits be reported on one Form 5500?
Yes. If the benefits are combined under a single ERISA plan using a Wrap document, they can be reported on one Form 5500 filing.
What is a “plan year,” and how does it affect the Form 5500 deadline?
The plan year is the 12-month period defined in the SPD or Wrap document and determines the Form 5500 filing deadline.
What’s the penalty for not filing Form 5500?
The DOL can impose penalties of over $2,500 per day for late or missing Form 5500 filings—though a voluntary correction program can reduce the fine.
When is Form 5500 due?
Form 5500 is due the last day of the seventh month after the plan year ends—typically July 31 for calendar-year plans.
Which types of benefit plans require a Form 5500 filing?
Group health, dental, vision, life, disability, and other ERISA-covered welfare benefit plans may require a Form 5500 if they cover 100+ participants or hold assets in trust.
Do small employers have to file Form 5500?
Usually not. Most small employers are exempt from Form 5500 filing unless they have 100 or more participants or offer a funded plan.
What is Form 5500, and who has to file it?
Form 5500 is an annual report required for most ERISA-covered benefit plans with 100 or more participants. It provides plan and financial information to the DOL.