The Internal Revenue Service (IRS), Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) assume major regulatory roles in all employee benefit plans. Reporting and/or disclosure forms must be filed every year at specific times—much like filing your personal income taxes by April 15th. The forms are complex and require a considerable investment of time to complete. RSG has the expertise required to ensure all required reports and forms are filed accurately and in a timely manner.
RSG provides the following required governmental filings and forms:
- IRS Form 5500 Series, annual return/report of the plan’s operation and financial activity. IRS Forms 5500, 5500-C/R, Schedule A, Schedule B, Schedule P and Schedule SSA. A Plan must file with the IRS by the last day of the seventh month after the close of the plan year. (Does not include Accountant’s Statement on Form 5500).
- Summary Annual Report (SAR): pertinent plan information from the plan’s annual report must be provided to each participant within nine months after the end of the plan year.
- Summary Plan Description (SPD): a detailed summary of the plan’s provisions. This report must be provided to each participant when establishing the plan. A new SPD must be provided to plan participants once every five years if a plan is modified, or at least once every ten years regardless of the status of the plan’s provisions.