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Plan administrators of certain employee benefit plans generally must file an Annual 5500 Report with the Employee Benefits Security Administration (EBSA).
Under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC), employers that sponsor employee benefit plans are required to file the Form 5500 on an annual basis with the Employee Benefits Security Administration (EBSA). The information that is contained in this return is reported to the Department of Labor (DOL), the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC). Because the information contained in this report is used as the basis for DOL and IRS benefit plan audits and inquiries, accurate reporting and timely submission are critical.
As a result, the obligation to meet governmental reporting requirements stands among the most fundamental duties imposed on employers who sponsor and administer employee benefit plans. However, in the last few years the IRS and other federal agencies have made significant announcements that relieve employers of certain annual reporting obligations and of some of the burdens in correcting past failures to meet these obligations. The Government Reporting & Disclosure Practice of J.P. Morgan Compensation & Benefit Strategies has the knowledge and experience necessary to assist plan sponsors in meeting their compliance obligations, including completing their Form 5500s both accurately and efficiently.
Our Government Reporting & Disclosure Practice is led by Joanne Meulendyke.