Things You Need To Know About The Form 5500 Preparation Services

The Form 5500 must be filed within a few months of the end date for the plan year. The employer must have listed the name, number, and year at the time it created the plan.

ERISA requires plan sponsors to present the plan in writing and provide a summary plan description for plan participants. Compliance consultants provide ERISA form 5500 preparation services.

These materials should include the ERISA number and plan year. You must also include the EIN of your plan sponsor as well as any other information. The SPD and the plan document contain all the information required to complete Form 5500.

Page 20 of Instructions 2019 Form 55500 contains the index of Plan and Characteristic Codes. Next, enter the code on line 8b. 

If Form 5500 is used for describing a welfare program that only includes two medical plans, then the appropriate code would be 4A (health not including vision and dental). The appropriate codes for plans that included life insurance, and dental would be 4A, 4B, and 4D.

Check the box marked Insurance if the plan provides coverage through group policies (e.g., group life, medical, and STD). You can also check the box marked "Insurance" if the plan includes self-funded coverages such as HFSA or HRA. 

It is best not to mark the boxes for 412(e)(3) trusts and contracts. These are uncommon arrangements that will require tax professionals or trustees.