What is Form 5500?
Filing of the Form 5500 satisfies annual reporting requirements of employee benefit plans that meet certain criteria under ERISA and the Internal Revenue Code. Form 5500 is required to be filed with the Department of Labor by the plan administrator and reports information about the plan, including its financial condition, operations, and participation.
The purpose of this form is to ensure plan administrators are protecting employees’ rights and managing their benefits according to regulations. Justworks completes the annual Form 5500 reporting requirement for ERISA plans administered by Justworks.
What benefits are reported on Form 5500?
Justworks files two annual 5500 Forms for the ERISA Welfare & Pension benefit plans administered by Justworks.
Justworks welfare benefit plans include:
- Health insurance
- Dental Insurance
- Vision insurance
- Life insurance
- Short-term disability
- Long-term disability
Justworks retirement plan includes:
- 401(k) plan
When is Form 5500 filed?
Form 5500 is due by the last day of the seventh month after the plan year ends, subject to applicable extensions. For eligible plans that are administered on Justworks’ benefit plan year (November 1 - October 31), this date would be May 31.
For eligible plans that are administered on the calendar year (January 1- December 31), this date would be July 31.
Employers may request a 2.5-month extension which extends these deadlines to August 15 and October 15, respectively.
What is a Summary Annual Report?
A Summary Annual Report (SAR) is a summary of the information submitted on the Form 5500 and notifies participants of their right to receive a copy of the full annual report.
When Can I Expect To Receive My Summary Annual Report (SAR)?
Form 5500 is due by the last day of the seventh month after the plan year ends. The Summary Annual Report (SAR) is required to be provided to participants by the last day of the 2nd month after the Form 5500 deadline.
You can expect to receive the SAR within 2 months from when Justworks files Form 5500.
Where Can I Find My Summary Annual Report (SAR)?
You can find the Summary Annual Report (SAR) for the Justworks Health & Welfare plans in which you participated in your Documents Center in Justworks.
The SAR for the Justworks Retirement plan in which you participated will be available in the participants’ Slavic portal in addition to being included in the annual disclosures sent by Slavic. For participants with an email address on record with Slavic, these disclosures will be distributed via email; those without email addresses on file will receive a physical mailed copy.
Do I need to do anything with the Summary Annual Report (SAR)?
No, you do not need to do anything with the Summary Annual Report. It is provided to you for informational purposes only.
If you participated in plans outside of Justworks, you should reach out to your worksite employer to obtain the SAR or for more information.
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.