Top 10 Form 5500 Practice Pointers for Preparers and Reviewers

The Form 5500 preparation season is winding down, so now is a perfect time to brush up on how to avoid common errors and misconceptions in regards to your filings before they are submitted.

All pension and health & welfare benefit plans that are subject to Title I of the Employee Retirement Income Security Act of 1974 (ERISA) must file a Form 5500 annually. The Form 5500 has experienced several major changes over the past few years. These include,

•       Expanded reporting of direct compensation paid to plan service providers to also include indirect compensation; (Schedule C),
•       Form 8955-SSA clarifications, now filed with the IRS, and
•       More strict EFAST2 System requirements with a greater chance for filings to be not accepted and result in late penalties.

Whether your benefit plan administration firm or HR personnel prepare your company’s Form 5500’s, the Plan Administrator and Plan Sponsor are ultimately responsible for review and sign-off of their company’s filings.

This presentation will guide HR professionals through the Form 5500 filing to help them gain a better understanding of the more critical information required to be reported on a Form 5500 filing. You will also:
•       Learn which items are of greater importance to the Department of Labor and IRS;
•       Improve your ability to perform an effective quality review for each filing type;
•       Understand what is required on Schedule C (indirect compensation) and how to obtain;
•       Feel more confident when working with Form 5500 filings and therefore, proactively move the process along;
•       Reduce the time it takes for Form 5500 preparation and review;
•       Strive to reduce the number of Form 5500 filings; and
•       Avoid the top five Form 5500 Red Flags.

HR professionals who are either responsible for preparing Form 5500 filings, providing information for filings, or for final review and sign-off, as the Plan Administrator or Plan Sponsor.

All Registered HR.com members are also eligible for:

		Linda Fisher Linda T. Fisher 5500 Consulting, LLC View Profile

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