Form 5500 - Why Is It Important?

Form 5500 - Why Is It Important?

Form 5500 is for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. Plans subject to ERISA include: medical, dental, life insurance or severance.  Profit sharing, 401(k), money or stock bonus plans, annuity or retirement arrangements and pension plans.  

Form 5500 is the annual return/Report of Employee Benefit Plan. Pension and welfare plans must generally file the Form 5500 to report their financial condition and operations. The Form 5500 must be filed electronically through the EFAST2 system.  The form is due the last day of the seventh month of the plan year. Example: July 31 for calendar year plans. If an extension is needed, use for 5558. If the plan has fewer than 100 participants, only the Form 5500-SF is necessary.

In order to complete Form 5500, you will need several pieces of information, these include:

  • a schedule of assets and liabilities (Schedule H or I),
  • information about each insurance contract used (Schedule A),
  • every service provider must be listed (Schedule C),
  • pension benefit plans must complete a separate schedule (Schedule R),
  • loans, fixed income obligations, leases in default, or uncollectible/nonexempt transactions (Schedule G),
  • actuarial details and accountant report.


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