Yes, depending on the number of covered employee participants.

Level-funded plans are typically treated as self-funded plans. Self-funded plans are required to file Form 5500 if 100 or more employee participants are covered under the plan on the FIRST day of the plan year.

No Schedule A or Schedule C attachments are required for self-funded (unfunded) plans.

A “funded” welfare benefit plan (a plan funded through a trust, such as a VEBA) is always required to file Form 5500, regardless of the number of employee participants.

An “unfunded” welfare plan (a plan with no assets, which pays benefits from the general assets of the plan sponsor, or a fully-insured plan or a combination of both) must also file Form 5500 unless it qualifies for an exemption.

There is an exemption for unfunded plans, fully-insured plans or combination unfunded/fully-insured plans with fewer than 100 employee participants on the FIRST DAY of the plan year. If a plan qualifies for this exemption, then no Form 5500 is required for that plan year.

Yes, the two and a half month extension is available for any filing period as long as it (Form 5558) is submitted prior to the original filing deadline.

Functionality is more important than price, especially when integrating point solutions, boosting voluntary benefits enrollment, or leveraging AI to replace HR staff hours.

Outright failure to file Form 5500 potentially subjects a Plan Sponsor to civil penalties assessed by the Department of Labor and/or Internal Revenue Service.

Non-filing and late filing penalties can range from $50-$300 per day, with limits imposed for non-filers ($30,000 per plan year). No limit is imposed for late filers. Late-filers pay per day penalties from the original filing due date to the date filed with the Department of Labor.

The current maximum penalty for failure to file Form 5500 is $2,586 per day that the filing is late.

Yes. While a Section 125 plan itself is not subject to ERISA requirements, certain “component” plans covered under a Section 125 plan ARE subject to ERISA requirements. This includes health flexible spending account plans. It does NOT include dependent care flexible spending account plans.

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