The 5500 reporting can be confusing, so we’ve included a list of common errors to look for when preparing the form. Look up codes that apply to your company and consult a professional for clarity if needed – many benefit brokers including 401(k) brokers will complete this form on our behalf as part of their services, so be sure to determine who is responsible for completing the form ahead of time!
- Deferrals – did the plan sponsor exceed the annual limit participants are allowed to contribute?
- Plan Participants – all eligible employees must be noted on the form
- Terminated Plans – form must include all plans, even when terminated, that have assets or plans that are frozen
- Correct EIN
- Not using approved vendors for filing
Form 5500 is due July 31st for most plans and must be filed electronically. If you must file an extension, Form 5588 will need to be submitted. Many companies use a third-party administrator to help prepare the form to minimize the risk of errors. Reach out to your HR Consultant for further questions if you need assistance preparing this form.