Still more compliance to complete!
Filing of the Form 5500 satisfies annual reporting requirements of employee benefit plans that meet certain criteria under ERISA and the Internal Revenue Code. Form 5500 is required to be filed with the Department of Labor by the plan administrator and reports information about the plan, including its financial condition, operations, and participation.
Form 5500 is due by the last day of the seventh month after the plan year ends, subject to applicable extensions. For eligible plans that are administered on Justworks’ benefit plan year (November 1 - October 31), this date would be May 31.
For eligible plans that are administered on the calendar year (January 1- December 31), this date would be July 31.Employers may request a 2.5-month extension which extends these deadlines to August 15 and October 15, respectively.
The purpose of this form is to ensure plan administrators are protecting employees’ rights and managing their benefits according to regulations. A Summary Annual Report (SAR) is a summary of the information submitted on the Form 5500 and notifies participants of their right to receive a copy of the full annual report.
Medicare Part D creditable coverage means the prescription drug insurance offered by a plan is at least as good (it could be better!) as what is available through Medicare. With the 2025 Part D changes, this will remain true; however, there are some more technical parts of its definition in the Part D Communication Requirements that are changing, which affect how everyone can calculate the value of coverage.
Understanding Form 5500 and Summary Annual Report (SAR) – Justworks Help Center
Commentary by: Raylea Stelmach
Edited by:
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