With our extensive experience and online tools, we streamline the process for plan sponsors and brokers to file the required benefit information with the IRS and DOL. After establishing a relationship with Form 5500 Connect, Inc, we follow the steps below to support your filing needs: we gather all current information from brokers, past government filings from the DOL, and all provider information, this helps us to accurately create a new Plan Year record in our system.
Step 1: Broker Review
We offer access to a portal where users can review and update their benefit information, with changes managed by brokers. We request, track, and gather necessary schedules from benefit providers. Once all the required data is collected, our team prepares the Health and Welfare Form 5500 draft, keeping current with regulations and legal filing requirements.
Step 2: Draft Sent
Once the Form 5500 Draft and supporting documents are completed, they are sent to the Broker for review. After the Broker's review, any necessary corrections or edits can be requested. Following this, the updated documents are sent to the plan sponsor for their final review.
Step 3: E-Signature and Final Documents
Once approved, the Health & Welfare Form 5500 is uploaded to the DOL for electronic signature by the plan administrator. After it is signed, the filing is submitted, and final copies are provided to you and the signer, along with the Summary Annual Report if needed.