Smart Benefits: Form 5500 Due July 31

Monday, June 18, 2018

Rob Calise, GoLocalWorcester Business/Health Expert

Rob Calise

Form 5500, required of retirement and health and welfare benefit plans with 100 or more participants enrolled, is due the last day of the seventh month after the plan year ends. For calendar-year plans, that means July 31.

The Form’s Purpose

Form 5500 is an annual report of employee benefit plans to satisfy reporting requirements under ERISA and the Internal Revenue Code. It is intended to ensure that employee benefit plans are operated and managed in accordance with certain standards, and to protect the rights and benefits of participants and beneficiaries.

Filing Requirements

All forms and any required schedules and attachment must be completed and filed electronically using EFAST2-approved third-party software or with IFILE.

Requesting Extensions

To request an extension, a plan sponsor may submit Form 5558 prior to the normal due date for Form 5500. This form must be mailed to the IRS rather than submitted electronically.

Rob Calise is the Managing Director, Employee Benefits of The Hilb Group of New England, where he helps clients control the costs of employee benefits by focusing on consumer-driven strategies and on how to best utilize the tax savings tools the government provides. Rob serves as Chairman of the Board of United Benefit Advisors, and is a board member of the Blue Cross & Blue Shield of RI Broker Advisory Board, United HealthCare of New England Broker Advisory Board and Rhode Island Business Healthcare Advisors Council. He is also a member of the National Association of Health Underwriters (NAHU), American Health Insurance Association (AHIA) and the Employers Council on Flexible Compensation (ECFC), as well as various human resource associations. Rob is a graduate of Bryant University with a BS in Finance