ProducerSparkInsurance glossary
What is Form 5500?
A plain-English definition for wholesale insurance producers, and for the retail producers they work with.
Form 5500 is the annual report that many employee benefit plans file under ERISA, developed jointly by the U.S. Department of Labor, the IRS and the PBGC. Filings are submitted electronically through the DOL's EFAST2 system and can be searched online. Schedule A reports insurance information, including the insurer, the policy year, persons covered and commissions and fees paid to agents and brokers.
How it works.
Plans file Form 5500 or the shorter Form 5500-SF each year with the schedules that apply to them. Schedule A is required when any plan benefits are provided by an insurance company or similar organization, such as an HMO. Under the DOL's instructions, unfunded, fully insured or combination welfare plans with fewer than 100 participants at the start of the plan year that meet the regulatory requirements are generally exempt from filing, so the data skews toward larger plans.
The DOL describes Form 5500 as a disclosure tool for participants and a source of data for other agencies, Congress and the private sector. Filings can be looked up in the EFAST2 Form 5500 search, and the DOL publishes Form 5500 data sets.
Why it matters to wholesale producers.
For retail benefits producers: public Form 5500 filings show which employers sponsor insured benefit plans, the carriers on those plans, plan year dates and the commissions reported to brokers. That helps you find employers worth a conversation and time outreach to the renewal. Filings describe a past plan year, so confirm details before you rely on them.
For wholesale producers: Form 5500 matters mainly if your brokerage places benefits-related coverage, such as for retail benefits agencies. It can show which retail agencies are active in employee benefits in a territory.
Related terms.
On ProducerSpark.
Sources (opened October 23, 2026): U.S. DOL: Form 5500 series; U.S. DOL: 2024 Form 5500 instructions. General information, not legal or tax advice. Requirements vary by state.
Questions.
Are Form 5500 filings public?
Yes. Filings can be searched through the DOL's EFAST2 Form 5500 search, and the DOL publishes Form 5500 data sets.
What is Schedule A on Form 5500?
Schedule A reports insurance information for benefits provided through an insurance company or similar organization, including the insurer, policy year, persons covered, and commissions and fees paid to agents and brokers.
Do small employers file Form 5500?
Many small insured welfare plans with fewer than 100 participants are exempt, so Form 5500 data is most useful for larger plans.