Updated 4/14/2015
July 31 is the deadline for calendar year retirement plans to file their Form 5500. As we do every year, there are a few clients who are still deciding how much to contribute for 2014, or are looking for that last investment statement to give to us. Luckily, however, we only have a handful of those filings left to complete.
The calls that I dread – our horror stories – are the calls that I’ll get next week from someone who missed the filing deadline. They may have any one of several reasons for missing the deadline:
• My TPA sent me the filing on the deadline, but I was out of town and didn’t know that it was due.
• My TPA told me last week that I need to have an audit attached to my 5500 filing, but my CPA can’t do an audit in one week.
• My payroll company handles my plan do I didn’t think I had to do anything.
Now that filings are submitted electronically to the Department of Labor, they know immediately if you failed to meet your filing deadline, and they’ll be quick to remind you! Unfortunately, missing this deadline is expensive; as much as $1,000 per day to a maximum of $15,000. Ouch!
If you missed a filing deadline for your 5500, call us before you receive a letter from the DOL. We can help you submit your filing under the Delinquent Filer Voluntary Compliance (DFVC) program for a fee of only $750. No one wants to spend $750, of course, but it’s better than $15,000! 
Are you sure that all of your prior year filings have been submitted correctly?
• Have you had a change in staff?
• Are your records incomplete?
• Have you hired a new TPA or investment provider?
We can help you research the status of your plan. Get some peace of mind – Call us today so that we can research your past filings. 916.922.3200.
Don’t let the Form 5500 filing deadline be a horror story for you. Know what is due when, and work with a TPA like BRI who cares about you and makes sure that you have a happy ending to your retirement story.
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