Form 5500 and Important Compliance Dates

Form 5500 Annual Return/Report of Employee Benefit Plan

The Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) requires all qualified plans to file a Form 5500 Annual Return/Report of Employee Benefit Plan annually on the last day of the 7th month after the plan year ends (July 31 for a calendar year plan), with an additional 2 ½ months extension if Form 5558 Application for Extension of Time to File is filed. The Form 5500 provides your plan’s yearly financial information and discloses required plan information to the Department of Labor (DOL).

Depending on if you are a large plan filer (over 100 eligible employees) or a small plan filer (under 100 eligible employees) determines if you will need an independent qualified auditors report and provide additional required schedules and attachments.

If you are a plan sponsor of a “closed” Multiple Employer Plan (MEP) or a Pooled Employer Plan (PEP) you are required to file one Form 5500 for the entire plan on behalf of all adopting employers. However, “open” MEPs are required to file a separate Form 5500 for each adopting employer of the plan. Slavic401k will prepare a signature-ready Form 5500 for you to file with the EBSA.

It is important to note that when a Single Employer Plan joins a MEP or PEP, all plan assets must be transferred to the MEP or PEP. Once the assets have been transferred to the MEP or PEP, the Single Employer Plan Form 5500 must be marked “final.” There is a specific box at the top of the Form 5500 that must be checked “final” and the financial section of the 5500 must reflect a closing asset balance of zero.

Key Form 5500 Dates

July

31 – Deadline to file Form 5500 without Form 5558 Application for Extension of Time to File.

31 – Deadline to file Form 5558 Application for Extension of Time to File (provides a two and a half month extension to file Form 5500)

September

15 – Form 5500 due to the Employee Benefits Security Administration (EBSA) for plans eligible for an automatic extension linked to a corporate tax extension

30 – Summary annual reports due to participants from plans that end December 31, 2022 – nine months after that date, or two months after filing Form 5500

October

16 – Deadline to file Form 5500 with Form 5558 Application for Extension of Time to File

November

15 – Summary annual reports due to participants if the Form 5500 deadline was extended because of a corporate tax filing extension

December

15 – Summary annual reports due to participants if the Form 5500 deadline was extended because of filing Form 5558

Form 5500 Frequently Asked Questions

Have questions about Form 5500? We have a comprehensive FAQ here.

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