The only things certain in life are death and taxes,” Ben Franklin famously said. If you file a Form 5500 on behalf of your company’s pension or health and welfare plans, the filing deadline for calendar-year plans is July 31. There are a number of changes in store for plan years 2010 (and any years prior that have not yet been filed) that might cause you to allow more than the usual preparation time.
Generally, large employers (100 or more participants) that sponsor retirement plans need to file Form 5500, along with audited financial statements. Small employers (less than 100 participants) that sponsor retirement plans file Form 5500-SF. Generally, small employers do not file financial statements. Unless the plan is unfunded or fully insured (or a combination unfunded/fully insured) with less than 100 participants, welfare benefit plans need to file Form 5500. The plan administrator has the fiduciary responsibility to file Form 5500 and make sure that the filing is done properly.
