Form 5500 Resources

As your Company prepares to meet the October 17th extension deadline for filing Form 5500, we have compiled a list of helpful resources and tools, along with related Department of Labor updates, to assist you in your efforts.

Current DOL Form 5500 Initiatives

In a continuing effort by the DOL’s Employee Benefits Security Administration (EBSA) to help streamline the reporting process for the Form 5500, EBSA has published a proposed regulation that would require the Form 5500 to be filed electronically beginning with plan filings due in 2008.  Visit the DOL web site at

http://www.dol.gov/opa/media/press/ebsa/EBSA20051610.htm for more information.  Also, the DOL, along with the Internal Revenue Service and Pension Benefit Guaranty Corporation, will propose revisions to the 2007 plan year forms to streamline and improve the information filed by plans.  The revised forms, to be filed in 2008, are expected to be published for public comment this Fall.  We will keep you updated on these activities as more information becomes available.

Form 5500 Resources Available

Your firm can take advantage of the following helpful resources available to preparers and filers that the Department of Labor (DOL) and EBPAQC have to offer.

DOL EFAST Help Line and EFAST Website Main Webpage

Direct your questions about DOL audit or reporting requirements, including Form 5500 and schedules, to the DOL EFAST Help Line at 1-866-463-3278. (The EFAST menu options are summarized below at the bottom of this EAlert for your convenience.)

The DOL’s Employee Benefit Plan Security Administration (EBSA) also has a dedicated Web site at http://www.efast.dol.gov to provide filers with up-to-date information about filing requirements, electronic filing options, software availability, frequently asked questions, publications, and forms.

DOL Form 5500 Main Webpage

Find current and past forms, schedules and instructions on the Form 5500 and Form 5500-EZ at http://www.dol.gov/ebsa/5500main.html

Tips for Form 5500 Filing of Pension Plans, Welfare Plans, and Direct Filing Entities

The DOL, the Pension Benefit Guaranty Corporation (PBGC) and the Internal Revenue Service have compiled practical, common sense tips for some of the most frequently occurring Form 5500 filing problems at http://www.dol.gov/ebsa/form5500tips.html. These tips help reduce the number of basic filing errors encountered when processing the Form 5500 and Form 5500-EZ returns, and also help you avoid getting EFAST correspondence regarding these basic mistakes. These tips include:

• Important reminder for fringe benefit plans that they no longer have to file an annual Form 5500 and Schedule F for so-called “pure fringe benefit plans”
• Properly signing and dating Form 5500
• Proper EIN  and Plan Number (PN)
• Filing may not be for a period greater than 12 months
• Do not file a Form 5500 as a “Final Return/Report” if the plan has assets, liabilities or participants at the end of the plan year
• Using  a proper business code when completing Line 2d of Form 5500
• Using the correct plan characteristics codes on Line 8 of Form 5500
• Properly identifying the funding and benefit arrangements on Line 9 of Form 5500
• Filing all the required schedules and attachments with the Form 5500
• Schedules attached to your filing must match what is reported on Line 10 of Form 5500
• Filing the appropriate Financial Information Schedule (H or I) with the Form 5500
• Do not submit an incomplete Form 5500, or loose schedules or attachments
• Follow the proper procedures when fling an amended Form 5500

DOL Troubleshooter’s Guide to Filing the Form 5500

The DOL's Troubleshooter's Guide to Filing the ERISA Annual Report (Form 5500), (July 2002 edition) is available in PDF format at http://dol.gov/ebsa/pdf/troubleshootersguide.pdf.

EBPAQC Form 5500 Forum

The EBPAQC provides you with a Form 5500 Forum at the Center’s website, http://ebpaqc.aicpa.org/Community/Member+Discussion+Forum.htm, as an opportunity to network, exchange information, share best practices, and discuss Form 5500 issues with other member firms. You are encouraged to regularly visit the forum to learn what other members are “talking” about and share your views, experiences, and questions. 

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