Get the facts on what is required:
- For plan years ending on October 31, health and welfare benefit plans must file Form 5500 by May 31—if the plan has 100 or more plan participants enrolled at the beginning of the plan year.
- Employers with 100 or more plan participants are required to file a Form 5500 within seven months of the plan year ending.
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Copies of the Form 5500 filings must be maintained for at least six years.
- The Summary of Annual Report (SAR) distribution is required to be provided within nine months after the end of the plan year to plan participants.
Avoid costly penalties and fines:
- Fines for failure to file or filing an incomplete Form 5500 can be up to $1,100 per day for every day the Form 5500 is late or incomplete. Failure to file a Form 5500 for one plan for one year can be up to $401,500.
- The Delinquent Filer Voluntary Compliance Program (DFVCP) significantly reduces penalties when correcting form filing mistakes.
- Large plans are capped at $4,000 per plan—whether the form was filed two years late or five years late, the penalty is $4,000.
Stay Compliant with SavoyERISA
Our team of experts can help you prepare for audits, avoid costly fines, and maintain compliance.
SavoyERISA offers:
- Complete ERISA compliance consulting services, document drafting, Form 5500 filing, and more—for any size business.
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Very competitive pricing for a comprehensive review and a step-by-step course of action.
- Guidance and assistance throughout the entire process and customizable services to meet your needs.
For further details,
contact your Savoy Account Executive today.
NJ