Employee Benefits | 5500 Filings Benefits

KORU Difference Overview

LEARN MORE

About Us

For two hundred years, the modus operandi of the insurance industry has been to follow the status quo. Today, protecting and growing your business demands a new perspective. It is time for a different way of looking at risk.

LEARN MORE

Team

Koru offers peace of mind by building and managing efficient risk management solutions that align with our clients’ business objectives.

LEARN MORE

Helping Others

Koru Risk Management prioritizes supporting non-profit and community-based charitable organizations dedicated to enhancing the well-being, inclusion, and essential services for our community's most vulnerable members.

LEARN MORE

Industries

Industries Overview

LEARN MORE

Solutions

Koru Korner

KORU Korner Overview

Blog

The latest insurance industry news, insights, and thought leadership from Koru Risk Management.

LEARN MORE

News & Articles

The latest insurance industry news and articles to help clients stay abreast of the topics that matter most.

LEARN MORE

Form 5500 Filings

Purpose: The primary purpose of Form 5500 is to provide transparency and accountability regarding employee benefit plans. It allows the government agencies and plan participants to monitor and assess the financial health and compliance of these plans.

Types of Plans: Form 5500 is used for various types of employee benefit plans, including pension plans, 401(k) plans, health and welfare plans, and more. The specific version of Form 5500 to be filed depends on the type of plan.

Filing Deadline: Form 5500 must be filed annually, typically by the last day of the seventh month after the plan year ends. An extension of up to 2.5 months may be requested.

Information Reported: The form includes detailed information about the plan, such as its financial statements, investments, contributions, distributions, plan expenses, and details about plan participants, including the number of active participants and beneficiaries.

Public Disclosure: Form 5500 filings are generally available to the public, which means that interested parties, including plan participants, can access information about the plan's operations and financial status.

Penalties for Non-Compliance: Failing to file Form 5500 or filing an incomplete or inaccurate form can result in penalties imposed by the DOL and IRS.

Electronic Filing: In recent years, electronic filing of Form 5500 has become the standard method for submission.

‍

It's essential for plan administrators and sponsors to understand their obligations regarding Form 5500 filings and ensure timely and accurate submissions to remain in compliance with ERISA and tax regulations. Non-compliance can lead to legal and financial consequences. Employers or plan administrators often work with benefits consultants or legal professionals to ensure proper Form 5500 filings for their employee benefit plans.

Request a Risk Assessment

Koru Korner

No items found.

Blog

Balancing Higher Deductibles and Lender Requirements: Strategies for Real Estate and Property Management

For real estate and property management clients, balancing the cost-saving benefits of higher insurance deductibles with lender requirements can be challenging. Strategies such as deductible buy down policies, indemnity agreements, and reimbursement policies help insureds reduce premiums while meeting lender expectations. Additionally, effective collateral management, including alternatives like letters of credit and third-party trust arrangements, is critical for clients navigating the increasing costs and evolving requirements of loss-sensitive insurance programs.

Artemis: ILS Growth Supports Sustainable Disaster Recovery, Community Resilience

Catastrophe bonds issued over 2023 averaged a premium of 8.6%, the highest in ten years, according to data from global reinsurance consultancy Lane Financial. Coming on top of US cash rates of more than 5% made for a nearly 14% yield. That compares to issue yields in 2021 of barely 6%.

Blog

Is the California FAIR Plan Enough? Understanding Coverage Limits and Lender Requirements

The California FAIR Plan provides essential property insurance for high-risk areas, offering basic coverage against perils like fire and wind when traditional insurance options are unavailable. However, this limited coverage does not usually meet lender requirements, as it excludes important protections like liability, theft, and water damage. To meet lender standards and achieve comprehensive protection, homeowners using the FAIR Plan often need to add a supplemental policy, such as a Difference in Conditions (DIC) policy, to fill these gaps.

5500 Filings Benefits

Koru Korner

Related Articles

Balancing Higher Deductibles and Lender Requirements: Strategies for Real Estate and Property Management

Artemis: ILS Growth Supports Sustainable Disaster Recovery, Community Resilience

Is the California FAIR Plan Enough? Understanding Coverage Limits and Lender Requirements

Ready to partner with Koru?