Form 5500 is used by employers or pension or welfare benefit plan administrators to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. The form requires information about the qualification of the plan, its financial condition, investments and operations. And if it’s not filed on time, the fines can add up: The IRS

The new FLSA ruling has many businesses needing to reclassify employee status to accommodate the new minimum salary level eligible for overtime pay. And, if this weren’t enough, companies are now finding it even more challenging explaining to an exempt employee that their position is going to be reclassified.