Definition - What does Form 5500 mean?
Form 5500 is a form that companies who provide benefits to their employees must file with the Department of Labor. Employers who provide life, health, and other types of insurance to their employees must note this in their form 5500 reports.
Insuranceopedia explains Form 5500
For companies who apply, this form must be filed once a year. Filing this form allows the Department of Labor to understand and regulate the benefits that are being provided to employees.
Many employers provide benefits to their employees as a form of incentive. In fact, many job seekers prioritize companies who provide health insurance and other benefits. Because so many companies provide insurance and various other types of benefits, it is important for the Department of Labor to regulate them and make sure companies comply with all relevant laws.