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1 Stop...File Time! The Preparation & Filing of the Form 5500 Presented by: Christine Eldridge, Director, Plan Consulting Victoria Langdon, Director, Plan Consulting
2 Save the Date Upcoming C linics August 5, 2015 from 12:00 1:00 pm EST The Road to Higher Education: The Financial Insight You Need to Know Register in Webinars & Events under For You at August 13, 2015 from 2:00 3:00 pm EST Automatic Enrollment 2.0 Register in Webinars & Events under For Companies at
3 Today s Agenda What is the Form 5500/Form 5500-SF How the Form 5500 applies to you Filing deadlines & extensions How your Form 5500 is prepared How to e-file Preparing for large plan audits
4 What is the Form 5500 (Annual Report)? The Form 5500 Series is an important: Compliance, research, and disclosure tool for the DOL Disclosure document for plan participants and beneficiaries Source of information and data for use by other Federal agencies, Congress, and the private sector in assessing employee benefit, tax, and economic trends and policies.
5 Who Must File? A return/report must be filed every year for every: Pension benefit plan Welfare benefit plan* Every entity that files as a Direct Filing Entity (DFE) *depending on number of participants
6 What does Sentinel prepare? Form Types for Small Plans Form 5500-EZ for One-Participant plans (Owners and Their Spouses) Form 5500-SF Annual Return/Report of Small Employee Benefit Plan Schedule I for Small Plans not eligible for Form 5500-SF Form and Schedules for Large Defined Contribution Plans (depending on plan design) Form 5500 Annual Return/Report of Employee Benefit Plan Schedule A Schedule C Schedule D Schedule G Schedule H Schedule R Insurance Information Service Provider Information DFE/Participating Plan Information Financial Transaction Schedules Financial Information Retirement Plan Information
7 What does Sentinel prepare? For Defined Benefit Plans Form 5500 SB Annual Funding Notice Other applicable Schedules We also prepare and file directly the Schedule SSA on behalf of clients Prepare and provide clients with the Summary Annual Report (SAR) for dissemination to participants.
8 Summary Annual Report Annual statement in narrative form that summarizes the Form 5500 for the plan SAR due to participants the later of 9 months after the close of the plan year, or within 2 months following Oct. 15 th Form 5500 extension Can be added to your annual notices and fulfilled through our fulfillment service
9 Due Dates & Extensions for 5500s Due Dates Last day of the 7 th month after year end (7/31 for calendar year plans) Extensions Automatic 2 ½ months extension for plans when Form 5558 filed Sentinel will file the extension on your behalf No longer have to attach extension request to Form 5500 Christine.Eldridge@sentinelgroup.com Did you know? If the filing date is on a Saturday, Sunday, or Federal Holiday then the deadline for filing is the next business day.
10 Electronic Filing Requirement Under the computerized ERISA Filing Acceptance System (EFAST2), Plan Sponsors must file Form 5500 electronically Plan Sponsors may file through the EFAST2 s web based filing system or through an EFAST2 approved vendor Sentinel prepares Form 5500s through approved vendors for our clients
11 Obtaining Credentials You must have your own DOL EFAST2 credentials, we cannot obtain this information for you. Obtain your credentials by registering on the DOL s website efast.dol.gov
12 How to File Your Sentinel Plan Consultant will notify you when your Form 5500 is available. We work with two EFAST2 approved vendors: 1. FT Williams 2. SunGard Relius
13 Form 5500 Notification Link or log in instructions Link to establish credentials Deadline reminder SAR download instructions or ed directly by PC
14 How to File Follow the link and instructions provided Log in Follow the on screen instructions to select, print, and sign your Form 5500 E-file your Form 5500 Contact your Sentinel Plan Consultant with any questions!
15 Penalties Administrative Penalties: 1. A penalty of up to $1,100 a day for each day a plan administrator fails/refuses to file 2. A penalty of $25 a day for not filing returns for certain plans of deferred compensation, trusts and annuities, and bond purchases by plan due dates. 3. A penalty of $1,000 for each failure to file an actuarial statement (if applicable).
16 P lan Audits When is it required? Plans with 100 eligible participants on the first day of the plan year (120 if never previously audited) One way Sentinel can assist you in maintaining terminated, lost or unresponsive participant accounts is through our auto sweep distribution process. Audits must be completed by the last day of the 7 th month after the plan year end, unless Form 5500 is extended Most audited plans extend their filing
17 P lan Audits What does it entail? Focus on two major areas: Compliance verify the plan is operating in compliance with the DOL and IRS regulations Financial Reporting determine the accuracy of the financial information as reported on the 5500 and plan statements
18 P lan Audits What are the consequences? Penalty for missing audit report is $150 per day up to $50,000 for each filing
19 P lan Audits Five Ways to Prepare Document Gathering Fiduciary Responsibility Operational Compliance Internal Controls Financial Reporting Executed plan docs (adoption) IRS determination letter Amendments SPDs, SMMs Committee meeting minutes Prior year s 5500s Etc. Form an administrative committee Hold regular meetings Take and retain committee minutes Develop and follow an investment policy Review fees Etc. Review plan eligibility provisions compared to actual practices Review plan definition of compensation compared to actual payroll procedures Deposit participant deferrals timely Review data provided to TPA or record keeper on a regular basis Review data coming from TPA or record keeper on a regular basis Review plan reporting Addition of Schedule H Fair value accounting and disclosures Ensure Stable Value Funds satisfy criteria for fully benefit responsive
20 P lan Audits How We Help Sentinel s Plan Consultants provide extensive audit support including: Online access for full audit reports and valuations for auditors Support any information requests or inquiries from the auditors throughout the audit
21 New Form for 2015? 5500 SUP Annual Return of Employee Benefit Plan Supplemental Information IRS Form Appears to be a separate electronic filing from the Form 5500 additional signature required Filing subsequent to Form 5500 EFAST2 Acknowledgement # needed for filing Lisa.Francis@sentinelgroup.com
22 Questions? Upcoming Clinics 8/5/15 The Road to Higher Education: The Financial Insight You Need to Know Register in Webinars and Events under For You at 8/13/15 Automatic Enrollment 2.0 Register in Webinars and Events under For Companies at
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Note: You can also use the Internet link Forms and Publications by U.S. Mail to request a limited number of these forms and schedules.
This form is referenced in an endnote at the Bradford Tax Institute. CLICK HERE to go to the home page. Attention: Telephone requests for the forms, schedules, and instructions for the 2008 Form 5500-series
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