Yes, electronic filing via the DOL’s EFAST2 system is mandatory for all Form 5500 submissions. Paper filings are no longer accepted. This ensures faster processing, but it requires proper credentials and software—many businesses use professional services to handle e-filing. We will complete your filings from Schedule A collection, preparation, through e-filing. Unlike large retirement plans, most H&W plans don’t require a full independent audit unless they have significant trust assets or meet specific thresholds. However, accurate financial reporting (e.g., via Schedules) is still crucial. We recommend consulting an ERISA attorney to determine if your plan qualifies for any simplifications. Absolutely not! All preparation is done in-house by our passionate American team, ensuring hands-on reliability and personal accountability. We never outsource overseas or to third parties, avoiding the risks of miscommunication, delays, and poor service that come with it. By handling your Form 5500 H&W filings with concierge precision—in-house by our dedicated American team, with no outsourcing, no delays, and no extensions—we free up your time and resources, eliminate compliance risks, and provide the confidence to focus on what matters most: growing your business. Our personal, hands-on approach ensures seamless results, reducing chaos and costs while unlocking opportunities for long-term success and prosperity. The standard deadline is the last day of the seventh month after the plan year ends (e.g., July 31 for a calendar-year plan ending December 31). You can request a 2.5-month extension using Form 5558, but many services (like ours at SK Agency) aim for extension-free filings to keep things efficient and penalty-free. Penalties can be steep: The DOL may impose up to $2,739 per day for late filings (as of 2025 adjustments), and the IRS can add fees up to $160,000 per filing. Inaccurate or incomplete forms can lead to audits or additional fines. Partnering with a concierge service can help ensure timely, error-free submissions. We’re all about flexibility and support! As part of our no-chaos, personal approach, you’ll have direct contact with your assigned expert. We encourage open communication and make adjustments seamlessly, ensuring the process is consultative and stress-free— with no extensions required. Form 5500 is an annual report filed with the Department of Labor (DOL), IRS, and Pension Benefit Guaranty Corporation (PBGC) to disclose information about employee benefit plans, including Health and Welfare (H&W) plans like health insurance, disability, or life insurance. It’s required under ERISA to ensure transparency and compliance. For H&W plans, it helps track plan operations and financials, protecting participants. Think of us as your trusted partner: You’ll get direct access to a dedicated expert for consultative guidance throughout the process. We balance technology with a human touch— no automated responses or faceless interactions. We’ll reach out promptly via your preferred method and ensure every step feels personalized and supportive. While both report under ERISA, retirement plans (e.g., 401(k)s) focus on investments and distributions, whereas H&W plans emphasize premiums, claims, and insurance details via Schedule A. H&W filings often require less financial auditing but still demand accuracy to comply with DOL rules. Generally, any employer-sponsored H&W plan with 100 or more participants at the beginning of the plan year must file Form 5500 (or the shorter Form 5500-SF for smaller plans). Exemptions may apply for certain fully insured plans or those with fewer participants, but it’s best to review your plan’s specifics. If your plan is subject to ERISA, filing is mandatory to avoid penalties.