Plan Sponsor Quick Tips: Form 5500 Follow Up!

Yesterday was August 1st, which was the deadline for filing your 5500 without an extension. October 15th should be the next date to be on the lookout for if you have not filed your form 5500 yet and did file for an extension. Regardless of whether you filed your form 5500, below are the next steps that you can act upon today:

  • Form 5500 filed – Make sure you have a signed copy of the form 5500 in your plan records and have a set process to distribute the Summary Annual Report (SAR) to plan participants. This is also a good time to review that all your form 5500 records from prior years are in order.
  • Form 5500 not filed – It is important that you file the form and retain a copy of your form 5558 that was sent to the IRS to avoid penalties.

Your service provider may have already provided you with form 5500 filing instructions using their software but if they have not then you can find instructions on how to file the form through the EFAST2 website. Calling the DOL directly using the numbers provided on their site can also prove to be helpful.

Bookmarking the EFAST2 website will also help you locate it with ease in the future. Make sure that your EFAST user ID and passwords are kept in a secure location. If your plan is off calendar then please review your filing dates. Your service provider is a great resource for you to utilize if you are uncertain on what your next steps may be!

This site is for entertainment purposes only. 401kBasics and it’s authors are not financial advisors and no information found on this site should be construed as financial advice.

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