I used to have this recurring dream that I was back in college and it was my last semester. The dream was that there was this one class that I didn\u2019t attend all semester and the finals were around the corner. Someone pointe doubt that the dream\/nightmare was a fear of failing, perhaps they were right.<\/p>\n
If I was a plan sponsor and I didn\u2019t have the required Form 5500 filed, I don\u2019t know if I\u2019d sleep at night because that\u2019s a nightmare that can\u2019t go away. The reason why it\u2019s a nightmare is that if it\u2019s not corrected through the Department of Labor (DOL) Voluntary Compliance program and the DOL hits you with a penalty, the penalty for a late filing is $2,063 per day. If I knew my plan didn\u2019t file the Form 5500 because one wasn\u2019t completed, I would rush to call a third party administrator to have it done because you never know when the DOL will send out that letter asking for the filing.<\/p>\n
It\u2019s the most avoidable plan error and it\u2019s amazing how many plans don\u2019t file one on time for one reason or another. Then again, how many college students don\u2019t attend a class all semester and show up for the finals?<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" I used to have this recurring dream that I was back in college and it was my last semester. The dream was that there was this one class that I didn\u2019t attend all semester and the finals were around the … Continue reading