Many companies fail to file their Form 5500 paperwork in a timely manner, says a recent survey by the benefits brokerage Corporate Synergies. Up to 60 percent of companies show some level on noncompliance in this area, according to an article in the Employee Benefit Adviser newsletter, which quotes the survey.
While Form 5500 paperwork can be submitted to the U.S. Department of Labor (DOL) electronically, the survey results seem to indicate that many plan sponsors are not taking advantage of this opportunity. This trend is especially disturbing in light of the fact that DOL regulations require that all Form 5500 paperwork be submitted electronically beginning in 2009.
Luckily for plan sponsors, NADART is way ahead of the curve in this area and has been submitting Form 5500 paperwork electronically for several years now. We have also done so at no extra cost to our plan sponsors. To learn more about our Form 5500 submission process or any of our other plan services, please contact our representatives at (800) 462-3278, ext. 7161 or by e-mail at nadart401k@nada.org. You can also request details via our online Product Information Request Form.