When Is Form 5500 Due? Deadlines & How to Get an Extension
Ensure compliance for your employee benefit plan. Discover Form 5500 deadlines, extension procedures, and how to prevent costly penalties.
Form 5500 is an annual reporting requirement for most employee benefit plans. This filing is a core component of compliance for businesses offering such benefits, and timely submission is necessary for plan administrators.
Understanding Form 5500
Form 5500, the Annual Return/Report of Employee Benefit Plan, details the financial condition, investments, and operations of employee benefit plans. The series includes Form 5500 for larger plans (generally 100 or more participants) and Form 5500-SF (Short Form) for smaller plans (typically fewer than 100 participants). Form 5500-EZ is for “one-participant plans” covering a business owner and their spouse.
The Employee Retirement Income Security Act (ERISA) of 1974 established the reporting framework for Form 5500, ensuring plans operate by prescribed standards. The Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) jointly developed the Form 5500 series to satisfy annual reporting requirements under ERISA and the Internal Revenue Code. These agencies use the information to monitor plan compliance, protect participant rights, and analyze benefit trends.
Standard Filing Deadlines
The standard due date for Form 5500 is the last day of the seventh calendar month after the plan year ends. For example, a calendar year plan (January 1 to December 31) has a Form 5500 due date of July 31 of the following year. This deadline applies to all Form 5500 series variations, including Form 5500-SF and Form 5500-EZ.
If the filing deadline falls on a Saturday, Sunday, or legal holiday, the due date automatically extends to the next business day. For instance, if July 31 falls on a Saturday, the due date shifts to the following Monday. Short plan years (less than 12 months) also follow this rule, requiring the form to be filed by the last day of the seventh month after the short plan year concludes.
For a plan that terminates, a final Form 5500 is generally due on the last day of the seventh month after the later of the date the plan was terminated or the date its assets were fully distributed. This final report confirms the winding down of the plan’s operations and financial obligations. Electronic filing through the DOL’s EFAST2 system is mandatory for most Form 5500 and Form 5500-SF submissions.
Extending the Filing Deadline
If more time is needed to file Form 5500, an automatic extension can be obtained by submitting Form 5558. This form must be filed with the IRS on or before the original Form 5500 due date. For a calendar year plan, Form 5558 must be filed by July 31.
Filing a timely Form 5558 grants an automatic two-and-a-half-month extension. For a calendar year plan, this extends the deadline from July 31 to October 15. Form 5558 requires the plan sponsor’s name, Employer Identification Number (EIN), plan number, and the plan year-end date. A single Form 5558 can extend both Form 5500 and Form 8955-SSA for the same plan, though a separate form is generally needed for each plan.
As of January 1, 2025, Form 5558 can be filed electronically through the DOL’s EFAST2 system or on paper with the IRS. Plan administrators should use the most recent version of Form 5558 and retain a copy for their records, as an approved copy is not typically returned by the IRS.
Penalties for Non-Compliance
Failing to file Form 5500 on time or submitting an incomplete or inaccurate form can result in penalties from both the Department of Labor (DOL) and the Internal Revenue Service (IRS). The DOL can impose civil penalties of up to $2,670 per day for each day a plan administrator fails to file a complete Form 5500, with no maximum limit. The IRS assesses penalties for late filing, up to $250 per day, with a maximum of $150,000 per plan year for returns required after December 31, 2019.
To mitigate potential penalties for late filings, plan administrators may utilize the Delinquent Filer Voluntary Compliance Program (DFVCP) offered by the DOL. This program allows administrators to voluntarily file overdue Forms 5500 and pay reduced penalties, often capped at amounts significantly lower than the standard daily penalties. For instance, small plans may have a cap of $750 for a single late filing and $1,500 for multiple years, while large plans might face caps of $2,000 and $4,000, respectively. The IRS generally waives its penalties for filers who satisfy the DFVCP requirements, provided any missing Form 8955-SSA is also filed.