What is Form 5500 Schedule H?

Schedule H (Form 5500) must be attached to a Form 5500 filed for a pension benefit plan or a welfare benefit plan that covered 100 or more participants as of the beginning of the plan year and a Form 5500 filed for an MTIA, CCT, PSA, 103-12 IE, or GIA.

What is delinquent contribution?

Background: Employer contributions are delinquent when they are due and owing to the plan under the documents and instruments governing the plan but have not been transmitted to the plan in a timely manner.

What is the three digit plan number on Form 5500?

The Plan ID is a 3-digit number that designates one plan from another for the IRS and DOL. Which number goes to what plan is up to the employer in most cases. In the instructions for Form 5500, the IRS informs us that Plan ID numbers are to begin with 501 for a company’s first health & welfare plan.

Does a VEBA file a Form 5500?

Typically, health and welfare benefit plans with 100+ participants (employees) on the first day of the plan year. One note, if you maintain your welfare benefit plan in conjunction with a trust (VEBA), you must file a Form 5500 regardless of the number of participants.

Who is required to file a 5500?

ERISA plans with 100 or more participants at the beginning of the plan year are required to file a Form 5500. An ERISA financial audit may also be required. Small plans with less than 100 participants at the beginning of the plan year may be eligible to file Form 5500-SF.

How do you correct delinquent participant contributions?

File a Form 5330 with the IRS for each affected year to pay the excise taxes. Report late deposits on the Forms 5500 for each year until full correction is made. Request DOL approval of the correction via the Voluntary Fiduciary Correction Program (VFCP).

Do self-funded plans have to file a 5500?

Insured plans or self-funded plans that are unfunded (benefits paid as needed directly from the general assets of the employer or employee organization that sponsors the plan). Unfunded plans that have 100 or more participants at the beginning of the plan year must file Form 5500.

Who Must File Form 5500-EZ?

The Internal Revenue Service (“IRS”) Form 5500-EZ is an annual information return that is required to be filed by every “One-Participant Plan” (owners and their spouses), also known as a Solo 401(k) Plan, with plan asset value in excess of $250,000 as of December 31 of the previous tax year.

Do you have to file a 5500 for a Section 125 plan?

Is there a filing requirement for a cafeteria plan? Generally, no. If you only have a cafeteria plan, you are not required to file Form 5500 or Schedule F. However, if you have a welfare benefit plan, you may be required under Department of Labor regulations to file a return for that plan.

How do I know if I have to file a 5500?

Every administrator/employer of a pension or welfare benefit plan must file a Form 5500 unless the plan is exempt from the DOL filing requirements. Every employer who sponsors a pension plan or other funded plan of deferred compensation must file a Form 5500 unless the plan is exempt from the IRS filing requirements.

When to file a Form 5500 Schedule H?

FORM 5500 – SCHEDULE H. • This schedule is required to be filed for a large retirement plan (DC or DB plan) and large funded welfare benefit plan (i.e. with more than 100 participants as of the beginning of the plan year) • For small plans (typically less than 100 participants as of the beginning of the plan year), Schedule I is to be attached.

How are delinquent contributions reported on a Schedule H?

Delinquent participant contributions must be reported on Form 5500, Schedule H, Line 4a. When amounts are reported on Line 4a, a schedule must be attached using the format below, as required by the Form 5500 instructions.

What should be attached to a Schedule H?

Schedule H (Form 5500) must be attached to a Form 5500 filed for a pension benefit plan or a welfare benefit plan that covered 100 or more participants as of the beginning of the plan year and a Form 5500 filed for an MTIA, CCT, PSA, 103-12 IE, or GIA.

How to report delinquent participant contributions on Form 5500?

The DOL has a Frequently Asked Question (FAQ) titled “Reporting Delinquent Participant Contributions on the Form 5500,” which gives clarification on how to report the amount of nonexempt prohibited transactions on the schedule of delinquent participant contributions.