What is IFILE?
IFILE is the Form 5500 and Form 5500-SF annual return/report preparation and submission application that will be on DOL’s web site www.efast.dol.gov.
I heard that I will have to start filing the annual return/report (Form 5500 or Form 5500-SF) electronically. Can you tell me if that’s true and when I would need to start?
All pension and welfare plans that are required to submit an annual return/report must do so electronically for plan years beginning on or after January 1, 2009. Beginning January 2010 an all-electronic system called EFAST2 will receive those [...]
What are the penalties for late or non filers?
For late filers, the penalty is $50 per day late with no limit. For non-filers, the penalty is up to $30,000 per plan per year until the Form 5500 is filed. The DFVC Program can be used toreduce [...]
What Form 5500 attachments are required?
Insured benefits are required to attach a Schedule A for each contract.
When is Form 5500 due?
Form 5500 is due on the last day of the seventh month following the plan year. A one time 2 1/2 month extension can be requested by filing Form 5558.
When is the Form 5500 required?
When a plan has 100 or more employee participants at the beginning of a plan year and also when a plan is funded through a trust, regardless of the number of participants.
