Retirement Plan Administration

Case Study: Delinquent Form 5500s

Opportunity: Our client discovered that their former Third Party Administrator (TPA) had not prepared Form 5500s as required for his 401(k) plan since the plan began 5 years ago.  The penalties under ERISA for Form 5500 compliance failures potentially can be very large, since the Department of Labor [DOL] is authorized to assess amounts up to $50 per day until a completed Form5500 is actually filed.   Our client feared the worst.

Action: Our ERISA attorneys used the DOL’s Delinquent Filer Voluntary Compliance (DFVC) Program, including the payment of a DOL user fee by the client, to correct the unfiled Form 5500s by submitting a completed Form 5500 for the plan years in question.

Result: All late filing fees and penalties for the Plan were abated.

Larry Hackel
Director of Pension Administration


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