Employers with 100+ employees, who offer an Zane Plan, must file a Form 5500 (annual report).
What is Form 5500?
Form 5500 is part of ERISA's overall reporting and disclosure framework, which is intended to ensure that employee benefit plans are operated and managed in accordance with certain prescribed standards and that participants and beneficiaries, as well as regulators, are provided or have access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans. Visit the DOL's website for more information on Form 5500.
It is important to file the Form 5500 by the due date. Failure to do so can result in fines of $1,100 plus per day the return is late.
IRS Reporting Tools
Your online administrator account includes a reporting feature that makes data for Form 5500 automatically available to Plan Administrators. From your online administrator account go to Reports > IRS Reporting Tools.
The reporting tool will populate the number of employees to use on Form 5500, by counting method and date range.