The principal purpose of ERISA is to protect the benefit rights of participants and beneficiaries of employee benefit plans. To this end, ERISA imposes a variety of important reporting and disclosure requirements on plan sponsors.
These rules require that plan sponsors report extensive financial and other plan information to various agencies of the federal govenment (IRS and DOL) and disclosed to plan participants and their beneficiaries.
That means that most employee benefit plans are required to file an annual Form 5500 and one or more related schedules. IRS 5500 Filings must be filed no later than the last day of the seventh month after the close of the plan year. Where the plan is changed, a short plan year filing is required, in which case the filing is for the seventh month following the end of the short plan year.
The legal burden for filing rests on the employer who sponsors the benefit plan(s).
EBS will guide you through identifying whether or not your company is required to file a 5500 for any employer sponsored plans.
Once identified, EBS can assist you with 5500 preparation and select the most efficient and convenient way for completing your IRS filing requirements!
Call EBS today with your Form 5500 filing questions!
EBS can help!