Plans with more than 100 participants on the first day of the plan year must file a Form 5500 and associated schedules with the Department of Labor (DOL) each year for their health and welfare plans. The due date to file your IRS From 5500 is July 31 for calendar year plans.
The DOL’s Delinquent Filer Voluntary Compliance Program (DFVC) encourages compliance with the annual reporting requirements and gives plan administrators the opportunity to avoid potentially higher civil penalties by paying a reduced penalty amount and bringing the plan into compliance with past filings. DFVC enforces a penalty of $10 per day past the filing deadline up to a maximum of $2,000 per year and a maximum penalty capped at $4,000 per plan regardless of the number of years filed at one time under the program.
To avoid costly penalties and ensure compliance, enlist BASIC today to complete your Welfare Benefit Plan 5500 Filings!
- Access to Compliance and Legal Experts
- WRAP or Stand-Alone 5500 Filing Options
Delinquent Flier Submissions Available
ERISA Essentials Service ~ If it applies to you … we take care of it!
If you’re in need of a complete compliance package, check out BASIC’s ERISA Essentials. ERISA Essentials reduces your risk and frees up valuable time and resources, allowing you to focus on your active employees and operations.
The package includes:
- WRAP Summary Plan Description (SPD) & Plan Document
- Summary of Material Modification (SMM)
- ERISA / PPACA Model Notices
- 5500 Filings
- And Much More!
To Learn More About ERISA Essentials, Request a Proposal Now