How to Complete Form 5500 Using Group Portal Reports
Form 5500 is an annual IRS/DOL form that must be completed by organizations offering benefit plans subject to ERISA regulations and have at least 100 participants in the plan as of the first date of the plan year. These plans could include your health reimbursement account (HRA), medical flexible spending account (FSA), and Voluntary Employee Benefit Association account (VEBA).
Part I and the beginning of Part II are basic information unique to your organization. When you get to Line 5 of Part II, you can begin using information from the Participant Activity Report (PAR) in the Group Portal. To access the report:
- Log in to the Group Portal at https://group.hellofurther.com/login
- In the Reports column click Participant Activity
When you get to the PAR page, you can select the type of account and the date you need. Click Run Report whenever you're ready to see a report.
Line 5 of Form 5500
To fill out line 5 of the form, select the account type needed for the form, and enter the first effective date of the plan year.
- Download the report in Excel
- Count all the active participants
- Repeat steps for HRA, VEBA and FSA with 100+ participants
Line 6a - 6h of Form 5500
The lines in section 6 provide more details for the members in your plans. For each line, download the Participant Activity Report in Excel for either the first or last date of the plan year
Line 6a(1)
- Run the report for the first day of the plan year,
- Count the active participants (participants without a termination date) for FSA and HRAs with over 100 active participants
- Cross reference all participants without a termination date with your records to determine how many VEBA members are active (VEBA) (in some cases groups will intentionally not put termination dates on retired VEBA members who are no longer active)
- Add the total number of participants to determine the number for line 6a(1)
Line 6a(2)
- Run the report for the last day of the plan year
- Count the active participants (participants without a termination date) for FSA and HRAs with over 100 active participants
- Cross reference all participants without a termination date with your records to determine how many VEBA members are active (VEBA) (in some cases groups will intentionally not put termination dates on retired VEBA members who are no longer active)
- Add the total number of participants to determine the number for line 6a(2)
Line 6b
- Run the report for the last day of the plan year
- Identify participants with a termination date
- Cross reference with your records to identify which ones are retired or separated participants receiving benefits
- Enter the number of those retired or separated participants receiving benefits on Line 6b
Further cannot help with line 6c. You'll have to use your company records.
Line 6d
Add your totals for lines 6a(2), 6b and 6c, and enter that total in line 6d.
Furthercannot help with line 6e. You'll have to use your company records.
Line 6f
Add your totals for lines 6d and 6e, and enter the total on line 6f.
Line 6g
- Run the report for the last day of the plan year
- Count the participants with a balance
- Enter that number on line 6g
Line 6h
- Run the report for the last day of the plan year
- Cross reference participants with termination dates with your records to determine who has accrued benefits that were less than 100% vested
- Enter that number on line 6h
When do I need to send in Form 5500?
Form 5500 is not a tax form to submit with your annual taxes. The form is due by the last day of the seventh month following the last day of the plan year. For example, if your plan year ends on December 31st, you are required to file Form 5500 by July 31st of the next year.