When Are 5500s Due? Filing Deadlines and Extensions

Employee benefit plans operating in the United States must comply with various annual reporting requirements. A central obligation for many of these plans is the filing of Form 5500, “Annual Return/Report of Employee Benefit Plan.” This form provides transparency to plan participants and ensures compliance with regulations set forth by both the Department of Labor (DOL) and the Internal Revenue Service (IRS). The information collected on Form 5500 helps federal agencies oversee plans and protect participants and beneficiaries.

Understanding Standard Due Dates

The standard due date for filing Form 5500, along with its simplified version, Form 5500-SF, is the last day of the seventh calendar month following the end of the plan year. For instance, a plan operating on a calendar year basis, with its plan year ending on December 31, would have a Form 5500 filing deadline of July 31 of the following year. This rule applies to both pension plans and welfare benefit plans, provided a Form 5500 filing is mandated.

For plans that do not operate on a calendar year, the due date is determined by the end of their specific plan year. A plan with a fiscal year ending on March 31, for example, would need to file its Form 5500 by October 31. This calculation method ensures that all plans, regardless of their financial year structure, have a predictable and consistent timeframe for submitting their annual reports.

Special considerations apply to plans with a “short plan year,” which occurs when a plan’s year-end changes or when a plan is established or terminated mid-year. In such cases, the Form 5500 is due on the last day of the seventh month after the short plan year ends.

Obtaining Filing Extensions

Plan administrators needing additional time to file their Form 5500 can obtain an extension. This is accomplished by filing IRS Form 5558, “Application for Extension of Time To File Certain Employee Plan Returns,” with the Internal Revenue Service. Submitting this form on or before the original due date of the Form 5500 automatically grants an additional two and a half months to complete the filing.

For example, if a calendar-year plan’s original Form 5500 due date is July 31, timely filing Form 5558 extends the deadline to October 15 of the same year. Only one automatic extension is granted for a given plan year.

While Form 5558 extends the time to file Form 5500, it does not extend the time to pay any taxes that might be due. Any associated tax liabilities must still be remitted by their original due dates to avoid potential penalties.

Navigating Electronic Filing

The Department of Labor mandates that all Forms 5500 and 5500-SF must be filed electronically through its EFAST2 (ERISA Filing Acceptance System) system. This electronic submission streamlines the filing process and enhances the accessibility of plan information. Plan administrators must establish a valid EFAST2 account and obtain the necessary credentials to access the system and submit their forms.

Once the Form 5500 or 5500-SF is prepared, including all required schedules and attachments, it can be uploaded to the EFAST2 system. The system guides filers through the submission process, ensuring that all necessary fields are completed and that the file format is acceptable.

Upon successful transmission of the completed Form 5500 through EFAST2, the system provides a confirmation. This confirmation includes a Date of Filing (DFE) number, which serves as proof that the form was received by the Department of Labor. Retaining this DFE number is important for record-keeping purposes.

Addressing Late Filings

Failing to file Form 5500 by its original or extended due date can result in significant penalties from both the Department of Labor and the Internal Revenue Service. The DOL can impose substantial civil penalties, which are assessed on a per-day basis for each day the filing is late. These penalties can accumulate rapidly.

The IRS also has the authority to assess penalties for delinquent Form 5500 filings, which can be considerable. These penalties are often tied to the number of participants in the plan and can similarly accrue daily.

To encourage voluntary compliance and mitigate the impact of accumulated penalties, the DOL offers the Delinquent Filer Voluntary Compliance Program (DFVCP). This program allows plan administrators who have failed to file timely Forms 5500 to voluntarily come into compliance by paying reduced penalties. Utilizing the DFVCP can significantly lower the financial burden compared to penalties assessed through agency enforcement actions.