With certain benefit plans, it is necessary to file an “informational” tax return for the plan with the IRS/DOL. All welfare plans with over 100 participants are mandated to do this, regardless of funding methods. Unless otherwise extended, the Form 5500 must be filed within 210 days of the end of the Plan Year.
The formal name of the form is Form 5500- Annual report for Employee Benefit Plan. A “summary” of the Report that was filled must be given to each employee. This Summary Annual Report or SAR provides the key information filed with the IRS/DOL. Refer to the Form 5500 instructions for any exceptions that may apply.
