Form 5500 Filing: What Employers Need to Know Before July 31

Written By Janice Bondinell

Ensure 401(k) Compliance With Help From HR Experience, Inc.

As the July 31 Form 5500 filing deadline approaches, it’s critical for employers offering 401(k) plans to review their compliance status. Form 5500 is an annual reporting requirement under ERISA (Employee Retirement Income Security Act), designed to provide transparency around plan operations and financial conditions. Failing to file—or filing inaccurately—can lead to costly penalties and potential audits.

At HR Experience, Inc., we specialize in supporting our client’s 401(k) plan administration, helping our clients stay compliant, confident, and ahead of deadlines.

What Is Form 5500 and Why It Matters

Form 5500 is a joint requirement of the IRS, DOL, and Pension Benefit Guaranty Corporation for employers who sponsor retirement plans. This report captures financial details, participation information, and plan operations data. It's not just about filing—it's about ensuring your plan is being administered correctly throughout the year.

Key Areas to Review Before Filing

  • ERISA Fidelity Bond Coverage: Employers must carry an ERISA bond to protect plan assets against fraud or dishonesty. Check that your current bond meets the minimum requirement—generally 10% of plan assets, up to $500,000 (or $1M for plans holding employer securities).

  • Payroll & Record Accuracy: Accurate payroll data is crucial to proving timely contributions and proper match administration. HR Experience, Inc. audits work hours, deferral timing, and employer match accuracy to ensure your records align with ERISA and IRS requirements.

  • Contribution Deadlines & Timing: Late or inconsistent company match contributions can raise red flags. We help our clients structure automated workflows and schedules to ensure timely deposits and minimize compliance risk.

  • Filing Extensions: If more time is needed, employers can file Form 5558 for an extension to October 15. But don’t wait until the last minute—our team can help you determine if you qualify and file the extension correctly and promptly.

How HR Experience, Inc. Can Help

Navigating compliance obligations like Form 5500 is time-consuming and nuanced—but you don’t have to do it alone. Our 401(k) administration services offer:

  • End-to-end Form 5500 filing support

  • Fidelity bond verification and guidance

  • Audit-prepped recordkeeping assistance

  • Timely alerts for deadlines and extensions

  • Personalized 401k process administration for peace of mind

Don’t Risk a Penalty—Act Now

With the Form 5500 deadline fast approaching, now is the time to review your plan administration practices. HR Experience, Inc. is your trusted HR partner, helping you stay on track, avoid penalties, and focus on what matters most—your employees.

Looking to streamline or audit your 401(k) administration process?

Contact us today to get started before the July 31 deadline.

Janice Bondinell