Form 5500 is a required informational filing used to report the financial condition, investments, and operations of retirement plans, including 401(k) plans. It is not a tax form and does not result in a payment due to the IRS or Department of Labor (DOL), but it is a critical compliance requirement under federal law.
What Does Form 5500 Report?
The Form 5500 provides the IRS and DOL with important information about:
- Plan assets and liabilities
- Contributions made to the plan
- Number of participants
- Fees paid from plan assets
- Compliance with ERISA (Employee Retirement Income Security Act) rules
This helps ensure that plan sponsors are operating their retirement plans in accordance with the law and that participants are being treated fairly.
Who Is Required to File?
Most employers who sponsor a 401(k) plan must file Form 5500 annually. The specific version of the form depends on the plan size:
- Form 5500-SF: For small plans with fewer than 100 participants as of January 1, 2024 and that meet certain criteria.
- Form 5500: Large plans, including new plans with 100 or more participant balances at January 1, 2024, may be required to file a long Form 5500 with additional schedules. The long form 5500 must be accompanied by an independent third-party accountant’s opinion and audited financial statements.
- Form 5500-EZ: For Single(k) plans with no employees other than the business owner(s) and their spouse(s) that had a balance of $250,000 or more at the end of the plan year.
Is Form 5500 a Tax Form?
No. Form 5500 is not a tax return. It is an informational filing. While it is submitted to the IRS, its purpose is not to assess or collect taxes. Instead, it helps government agencies monitor retirement plan compliance and protect the rights of plan participants.
When Is It Due?
Form 5500 is generally due by the last day of the seventh month after the end of the plan year:
- For calendar-year plans, the deadline is July 31.
- Ubiquity will automatically file an extension (Form 5558) for full-service clients if the 2024 Form 5500 is not signed by July 25, 2025 extending the due date to October 15.
When Will I Receive My Form 5500?
Ubiquity typically sends out signing notifications for Form 5500 in batches starting in the third week of June. If you have not received the notification by July 1st, please let us know.
Where Do I Get My Form 5500?
If Ubiquity prepared your 401(k) plan’s Form 5500, you will receive a notification once it is ready.
Step 1: Check Your Email
When your Form 5500 is ready for review and signature, you will receive an email from Ubiquity with a direct link to the signing page.
- Click the link in the email to review the Form 5500 and submit your electronic signature.
Step 2: Log in if You Didn’t Receive the Email
If you didn’t receive an email, you can still access the form through your Ubiquity Employer Dashboard:
- Log in to your Employer Dashboard.
- Look for an Action Item on your dashboard titled “Sign the 2024 Form 5500.”
- Click the action item to open the signing page, where you can review and submit your electronic signature.
Step 3: What If Nothing Appears?
If:
- You did not receive an email,
- You do not see an action item on your Employer Dashboard,
- And it is after July 1, 2025
Then please contact us so we can assist you.
How Do I Confirm That I've Successfully Filed My Form 5500?
Public Access to Form 5500
The Form 5500 is a public document. Once successfully filed, it will be available for search on the Department of Labor website. Feel free to search for your successful Form 5500 filing here; we recommend searching by your plan’s EIN.
Why Is the Form 5500 Important?
Filing Form 5500 on time and accurately is essential to:
- Avoid costly IRS and DOL penalties
- Maintain compliance with ERISA
- Demonstrate proper plan administration to participants and regulators
If you have questions about your plan’s filing requirements or need help completing your Form 5500, please contact us.