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Video instructions and help with filling out and completing form 5500 search
Good morning everyone and thank you for joining us my name is Jason cogdill I am one of two benefits attorneys at Pro benefits this is part of our 2021 client webinar series we try to do each year a webinar on 5500 s both as an update and refresher and reminder of this reporting requirement in advance of the annual July thirty-first deadline for calendar year plan filing so that's where we are today as always this session is being recorded we'll be happy to share a copy of the presentation with you along with the slides and any other information that be may be helpful to you on this topic or others and as we proceed today with this session that will be approximately 30 minutes your questions are welcome you may submit questions through the question box at any time or separately email them to our team I want to introduce my colleague Chris McCauley who is the director of compliance for pro benefits and a valuable member of our team for those of you that have not worked with Chris Chris in addition to his support of our team and general work to support the compliance of plans administered by Pro benefits Chris also manages our ERISA compliance services both our 5500 preparation service and our wrap SPD service and Chris really does a good job with this and knows as much about 5500 as anybody and so Chris is going to take us through a refresher of the annual 5500 requirements briefly and then look at some individual filing scenarios and we'll even look at the EFS to database from the Department of Labor again your questions are welcome and without further ado Chris thanks Jason and again welcome to everyone in attendance I first want to start just by putting this form 5500 requirement in context so on the next slide you'll see where exactly where the 5500 requirement fits into ERISA compliance and this is a slide that we regularly include in our risk of presentation so you've probably seen it before just this is just a slide of the key requirements of ERISA and you see form 5500 listed there and it is one of the simpler requirements especially compared to something like Cobra compliance or HIPAA compliance but it is fairly straightforward the reporting requirements for most plans so if you're subject to the form 5500 requirements it's sort of an easy compliance box to mark off to go if you go ahead and report as required but just wanting to prthis slide to show some context of where we are just some form 5500 basics the first question is obviously what plans must file all plan all employers with plans subject to ERISA generally must file or generally are subject to ERISA requirements there are only two full exemptions to ERISA for our churches and government entities those two types of entities are exempt from ERISA requirements in.