Preparing for Compliance: 401(k) & Retirement Plan Filing (Form 5500)
With the Form 5500 filing deadline approaching July 31, 2025, now is the time for employers offering 401(k) or other retirement plans to ensure they are fully prepared. This required annual filing helps maintain compliance with federal regulations and protects your employees’ retirement security
Key Filing Requirements
Employers who sponsor retirement plans subject to ERISA must:
- File Form 5500 annuallywith the Department of Labor (DOL) to report the plan’s financial condition, operations, and compliance status.
Please note that the Form 5500 is also required for Health Insurance (100+ participants), Dental/Vision (100+ participants), and Group Life/STD/LTD (100+ participants) - Determine the correct version to file:
Standard Form 5500 – typically for plans with 100+ participants
Form 5500-SF – for smaller plans meeting simplified criteria
File Form 5558 with the IRS by July 31 for a one-time extension of time to file
Best Practices for Preparation
- Coordinate with your plan administrator or TPA: Confirm plan data and ensure all required documents are prepared.
- Verify accuracy: Review participant counts, contributions, and plan asset information.
- Review all schedules: Ensure necessary forms such as Schedule H or I are completed and attached.
- File early: Avoid last-minute delays or errors that could lead to non-compliance.
Why Acting Now Matters
Late or incomplete filings can result in significant penalties from both the IRS and DOL. Early preparation reduces compliance risks, protects your organization’s reputation, and ensures employees’ retirement benefits remain secure.
Common Costly Penalties Include:
- DOL Late Filing Penalty: Up to $2,586 per day, with no annual maximum.
- IRS Penalty: $25 per day, up to a maximum of $15,000.
- Audit Risk: Incomplete or incorrect filings can trigger an investigation or full plan audit, leading to legal fees, back payments, and additional fines.
Next Steps
- Review your retirement plan obligations and confirm whether Form 5500 applies to your business.
- Partner with your TPA or benefits provider to begin preparing your filing now.
- Reach out to your HR team or plan administrator if you need help reviewing documents or coordinating submissions.
If you have questions or would like assistance with your Form 5500 preparation, please contact Topaz HR. We’re here to support your compliance every step of the way.
Stay compliant, stay informed, contact Topaz HR for expert support.
