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Who prepares form 5500 and when must it be completed? Brightscope needs more info. to compare to others.

Aug 27, 2013 by Tom in  |  Flag
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Tom, usually the HR Director, CFO or Comptroller can/will file the Form 5500. If your plan is a calendar/year-end plan, the 5500 has to be filed by July 31st. Otherwise, you would go out 7 full months after your company's calendar year-end. If needed, you could get a 2 1/2 month extension to file.

Comment   |  Flag   |  Aug 27, 2013 from Bethesda, MD

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5 votes
Joe Soto Level 15

Hello Tom,

The Plan Sponsor is responsible for filling the 5500 Form. But most 5500 are prepared by the Third Party Administrator (TPA). A copy of your company's 5500 can be found here: https://www.efast.dol.gov/portal/app/disseminate?execution=e1s1 (I would look up the EIN # here on BrightScope and plug it in on the DOL Page).

However, if you are trying to get a rating of your plan compared to others keep this in mind.

If a company has filed their "full-form" 5500 with the supplementary audit report, BrightScope should have access to all the information they need to rate the plan. If the plan has done this, but does not have a rating, it simply means they have not gotten around to it yet. (What state are you in?) They can prioritize the update for advisors. If a company has a smaller number of participants, and therefore files a "short-form" 5500, they need 2 documents to generate a rating:

· Plan Summary Doc · Investment lineup, with the balances in each fund

I hope this has been helpful.

2 Comments   |  Flag   |  Aug 27, 2013 from Burbank, CA
Tom

Thanks Joe. Did you see my comment on our state?

Flag |  Aug 27, 2013
Joe Soto

Hi Tom. No I did not. Depending on what state you are in someone on here should be able to help you out with getting your plan scored.

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Flag |  Aug 28, 2013 near Burbank, CA

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Tom, It can certainly be confusing trying to remember all of the different deadlines for the various required filings and notifications. I suggest searching the internet for “401(k) Plan Compliance Calendar” you should find several different resources. But as others have mentioned, TPAs and Recordkeepers should be supporting you in these required tasks so don’t hesitate to inquire of those you are paying to do this work.

Comment   |  Flag   |  Aug 27, 2013 from Uniontown, OH

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Tom, the form 5500 is prepared by the plan administrator. Typically, if your plan has less than 100 employees, they will file the 5500 short form with no plan audit. In that case, as Tom pointed out, you will need a Summary Plan Description along with the investment choices with total account balances of each investment for Brightscope to rate your company. If you are an employee, you can get a Summary Plan Description from your employer, but probably will not have access the total account balances of each investment choice.

Keep in mind, when comparing plans, it is important to compare to others in your peer group, which is part of the Brightscope rating. So, even if, at this time you cannot get Brightscope to rate your plan, you can search the Brightscope database to find a plan comparable in size to yours, and simply compare the metrics of that plan to yours.

2 Comments   |  Flag   |  Aug 27, 2013 from Delray Beach, FL
Michael Steven Greenberg, CFP®

I neglected to answer when the 5500 is due, but Tom's answer to that is succinct; 7 months after the company's year end with a simple filing for a 2 1/2 month extension

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Flag |  Aug 27, 2013 near Delray Beach, FL
Tom

ML manages the portfolio, I have a list so I can enter into bright scope.

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Flag |  Aug 27, 2013

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