Time to Start Working on Form 5500s

A successful Form 5500 filing begins well before the deadline. Gathering the required data, preparing the report, and securing the Plan Sponsor’s signature can take up to six months, so it’s essential to start early. For plans following a calendar-year cycle, February is the ideal time to kick off the process. Use the checklist below to guide your initial steps toward completing an accurate and timely Form 5500 filing.

KEY MATERIALS TO HAVE ON HAND

Before completing the data points in the Wrangle Dashboard, please have the following information readily available:

☐  ERISA Plan Document(s) or ERISA Wraparound Plan Document

☐  A copy of the last Health & Welfare Form 5500 filed

☐  Client Benefit Summary or Enrollment Guide    

☐  Wrangle’s cheat sheets on how to use the Dashboard

• To request, send an email to your Wrangle team or info@wrangle5500.com.

KEY QUESTIONS TO ASK

☐ Does the employer have 100 or more enrolled employees (EE) + ex-employees/COBRA on the first day of the ERISA Plan Year, and is not a Plan under a Trust, or a MEWA?  If yes, a 5500 is required.

• If they have a Wrap Doc in place, check those benefits that are employer-paid for the benefit most likely to hit this reporting threshold, e.g., life or EAP.
• If they do not have a Wrap Doc in place, check every benefit/policy for the enrolled EE count.
• Watch for MEWA or Trust filings – those are required to file regardless of their enrolled count.

☐ Has a 5500 been filed in the past?

• Check www.efast.dol.gov, and search by EIN.
• If no, were they below the reporting threshold?

☐ If a 5500 is needed, go to www.dashboard.wrangle5500.com and click on the Plan Sponsor tab.

• Search Plan Sponsors by EIN or Plan Sponsor’s Legal Name. If the Plan Sponsor is already there, go to the Plan Sponsor record.
• If they are not there, click on Add Plan Sponsor. You will need:
  • Plan Sponsor name
  • EIN
  • Address
  • Plan name
  • Plan number
  • ERISA plan year
• Once all is created, you will then go to the Plan Sponsor record and add in the policy details.
  • Carrier name
  • Policy number
  • Policy start and end dates
  • Benefit(s) provided
  • Check whether self-insured or fully insured
  • Provide the carrier contact email address
• Provide other details.
  • Signer name and email address
  • Counts for the Form 5500, if not provided, Wrangle will use their default method
  • Employer status: single, multiple, multi-employer or DFE
  • Other special notes:
    • Is this to be the final report?
    • Is there a collective bargaining agreement?
• Submit to Wrangle by clicking on the green Submit Plan button.

Need Help?

Your Wrangle 5500 team is always available. Contact them by email or phone for assistance with the Dashboard, employee benefits components, or ERISA reporting and disclosure requirements.