Market experience has shown that the performance of an employer’s retirement plan, leveraging metrics reported on a 5500 form, can serve as a leading indicator of needs or opportunities related to group benefits. This business intelligence also acts as a market differentiator through its consultative approach.
Form 5500 is an annual report containing information about retirement plans and health and welfare plans provided by employers. Employers must file this with the IRS and the Department of Labor (DOL). A 5500 filing includes IRS Form 5500 as well as supporting schedules and documents. The IRS and DOL use Form 5500 to ensure companies comply with tax laws, ERISA, and other regulations designed to protect employee interests.
The 5500 is a rich source of publicly available information about an employer’s group insurance and retirement plans. Required reporting includes data such as:
Typically, firms with 100 or more employee participants are required to file a Form 5500 and report group insurance benefits. However, all employers offering retirement plans must file regardless of size, while government entities and church groups are exempt.
How Can You Leverage This Intelligence to Differentiate Yourself?
The four strategies below outline marketing approaches that leverage retirement plan metrics.