When Is Form 5500 Due? Filing Deadlines & Extensions

Form 5500, the Annual Return/Report of Employee Benefit Plan, is a comprehensive disclosure document for employee benefit plans. It provides the Department of Labor (DOL) and the Internal Revenue Service (IRS) with essential information about a plan’s financial condition, investments, and operations. Employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) are generally required to file Form 5500 annually. Its purpose is to ensure plans are managed according to established standards and that participants, beneficiaries, and regulators have access to sufficient information.

Standard Filing Deadlines

The standard due date for Form 5500 is the last day of the seventh calendar month following the end of the plan year. For many plans, the plan year aligns with the calendar year (January 1st to December 31st), making the Form 5500 due by July 31st of the following year. Plans operating on a fiscal year basis have a different due date, calculated seven months after their specific plan year-end. For instance, a plan with a fiscal year ending March 31st would have a Form 5500 due date of October 31st. If the standard due date falls on a weekend or a legal holiday, the deadline shifts to the next business day.

Obtaining Filing Extensions

Plan administrators can obtain a single extension of up to 2.5 months for filing Form 5500 by submitting Form 5558, Application for Extension of Time To File Certain Employee Plan Returns. Form 5558 must be filed with the IRS on or before the original Form 5500 due date, and the extension is typically granted automatically upon timely and complete filing. For calendar year plans, a granted extension will typically push the filing deadline from July 31st to October 15th. Beginning January 1, 2025, Form 5558 can be filed electronically through the DOL’s EFAST2 system or submitted on paper to the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0045. A separate Form 5558 is generally needed for each plan requiring an extension.

Special Filing Scenarios

Certain situations can alter the standard Form 5500 filing deadline.

Short Plan Year

When a plan has a “short plan year,” meaning it operates for less than 12 months, the Form 5500 is due by the last day of the seventh calendar month following the end of that short plan year. This often occurs when a plan is newly established or when its plan year is changed.

Terminating Plans

For a terminating plan, a final Form 5500 must be filed. This final return is due by the last day of the seventh month after the later of the plan’s termination date or the date when all plan assets have been completely liquidated and distributed.

One-Participant Plans

One-participant plans, which typically cover only a business owner and their spouse, or partners and their spouses, may file Form 5500-EZ instead of the Form 5500 or Form 5500-SF. While the standard due date for Form 5500-EZ is also the last day of the seventh month after the plan year ends (e.g., July 31st for calendar year plans), it is filed directly with the IRS. These plans can also obtain a 2.5-month extension by filing Form 5558, which would extend the deadline to October 15th for calendar year plans.

Consequences of Missing Deadlines

Failing to file Form 5500 by its due date, even with an extension, can result in significant penalties from both the Department of Labor (DOL) and the Internal Revenue Service (IRS). The DOL can impose penalties of up to $2,739 per day for late filings, with no statutory maximum, while the IRS levies penalties of $250 per day, up to a maximum of $150,000 per plan year. To mitigate these penalties, plan administrators with overdue filings for ERISA-covered plans may utilize the DOL’s Delinquent Filer Voluntary Compliance Program (DFVCP). This program allows for reduced penalties, such as a basic penalty of $10 per day, with caps of $2,000 for a single late report from a large plan or $4,000 for multiple late reports from a large plan. Form 5500-EZ filers are not eligible for the DFVCP but may qualify for a separate IRS penalty relief program for late filers.