ADP adds Form 5500 filing dashboard
ADP has introduced Simplified 5500 Compliance Reporting Process, the second phase of its enhanced Compliance Dashboard for streamlining the Form 5500 reporting requirements for employee benefit plans.
The product aims to simplify compliance reporting for companies as they deal with the strains of the coronavirus pandemic. The Labor Department, the IRS and the Pension Benefit Guaranty Corp. jointly developed the Form 5500 Series so employee benefit plans could use the same forms to satisfy their annual reporting requirements under both ERISA and the Tax Code.
ADP actually launched the Compliance Dashboard in January before the pandemic spread across the U.S. But now it’s expanding the dashboard features by introducing an improved Form 5500 filing process, which includes pre-populating plan data and company information, as well as a guided, online filing experience to reduce time and potential errors.
"Recognizing that retirement plan compliance can be technical, frustrating and time-consuming for plan administrators, we aimed to create something that is easy and intuitive," said Kristin Andreski, senior vice president and general manager of ADP Retirement Services, in a statement Wednesday. "We specifically added these enhancements to the Compliance Platform to provide businesses the tools they need to reduce time spent on administrative tasks so they can focus on managing their business not their retirement plan."
The dashboard lets users review and update their business and plan data, review financial summaries and participant details, receive notifications about Form 5500 filing errors and successful submissions, and access guides and other resources.
More information is available here.