Understanding Form 5500: Key Questions

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Form 5500 FAQs

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Wednesday Wisdom

United States

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Understanding Form 5500: Key Questions


Froggy Jumps Understanding Form 5500: Key QuestionsOnline version Form 5500 FAQs by Wednesday Wisdom 1 The primary purpose of the Form 5500 is: a To provide the IRS with annual information about an employer's offer of health coverage. b To provide the Department of Labor with annual information about an ERISA plan. c To disclose to the IRS any direct or indirect compensation brokers received. 2 This plan is generally NOT subject to ERISA and therefore does not file a Form 5500? a A governmental plan. b A voluntary plan not included in a wrap document. c A non-profit plan. 3 The following qualifies for the small plan exemption: a A plan that drops below 100 participants during the plan year. b A plan that has fewer than 100 participants at any point during the year. c A plan with fewer than 100 participants on the first day of the plan year. 4 Which individuals should be included as "participants"? a Employees and former employees with COBRA coverage. b Employee, spouses and dependents enrolled in the plan. c Only employees actively working. 5 A voluntary plan: a Never needs to be included on the Form 5500. b Always qualifies for the ERISA voluntary safe harbor. c May still need to be included because the safe harbor rules are very specific. 6 Why are self-funded plans generally not required to have a Schedule A? a Because Schedule A applies to insurance contracts. b Because the Department of Labor forgot to include them in the instructions. c Trick question, a self-funded plan does require a Schedule A. 7 When companies are part of a controlled group participating in the same ERISA plan: a Each company must file its own Form 5500. b Only the designated plan sponsor files one Form 5500. c The largest employer files and the rest are listed as participating employers. 8 When is the Form 5500 generally due? a 7 months after the plan year ends. b 9 months after the plan year ends. c 8 months after the plan year ends. 9 What is the purpose of filing Form 5558? a To change the plan year. b To request an automatic extension for the Form 5500 filing deadline. c To register the plan with the IRS. 10 What is a wrap document used for? a Combining multiple welfare benefits into one insurance policy & only 1 Form 5500 may be required. b Wrapping gifts for the compliance team. c Combining multiple welfare benefits into one ERISA plan & only 1 Form 5500 may be required. 11 What Happens If the Plan Sponsor’s Name, Plan Name or EIN Changes from what was reported last? a A new Form 5500 is required to be filed the next plan year. b Changes are indicated in Part 2, Line 4 of the Form 5500. c A corrected Form 5500 is required to be filed.

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Understanding Form 5500: Key Questions

Froggy Jumps

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Understanding Form 5500: Key QuestionsOnline version

by Wednesday Wisdom

The primary purpose of the Form 5500 is:

This plan is generally NOT subject to ERISA and therefore does not file a Form 5500?

The following qualifies for the small plan exemption:

Which individuals should be included as "participants"?

A voluntary plan:

Why are self-funded plans generally not required to have a Schedule A?

When companies are part of a controlled group participating in the same ERISA plan:

When is the Form 5500 generally due?

What is the purpose of filing Form 5558?

What is a wrap document used for?

What Happens If the Plan Sponsor’s Name, Plan Name or EIN Changes from what was reported last?