Form 5500 Corner

An Introduction to Form 5500

How is Form 5500 Filed?

Be aware that the DOL requires Form 5500 to be filed electronically by using the ERISA Filing Acceptance System (EFAST2) program. This system is designed to help simplify the processing, submission, and receipt of your Form 5500.

Who Needs to File a Form 5500?

Often, a company’s finance, HR or operations department, or any combination of these departments, will prepare the Form 5500. However, it’s the administrator of an Employee Benefit Plan who is ultimately responsible for filing the relevant Form 5500. Alternatively, a third-party administrator may be used to file Form 5500.

When is Form 5500 Filed?

An Employee Benefit Plan must file Form 5500 before the end of seven months following the plan year-end. For example, an Employee Benefit Plan that follows the calendar year (ending December 31), must file Form 5500 by the following July 31.

 What are the potential penalties for Form 5500 Issues?

Take the time to carefully review your information and submit your Form 5500 by the required deadline to avoid penalties or delays in processing. Substantial penalties or fines may be imposed by the IRS or the DOL if you fail to file or fail to meet the filing requirements for Form 5500.

 These examples offer some perspective on penalties that have been assessed: 

  • Up to $2,194 per day penalty assessed to the plan administrator
  • $150 per day per annual report filing penalty (up to a maximum of $50,000) for a deficient auditor report
  • $100 per day per annual report filing penalty (up to a maximum of $36,500) for a report filing containing deficient financial information
  • $10 daily penalty for failure to answer a question on Form 5500 (up to a maximum of $3,650)

Form 5500 & Form 5500-SF Filing Deadline:

The deadline to file is linked to the last day of the plan year. Whether a plan maintains a calendar year plan year (12/31) or an off-calendar plan year (6/30 for example) the filing is due after the same amount of time has passed following the plan year end.

For calendar year plans, the filing is due 7/31. For fiscal year end, the filing is due no later than the last day of the 7th month after the plan year end.

Tip: Tip: If the deadline falls on a Saturday, Sunday, or Federal holidays, the filing may be submitted on the next business day.
The below chart summarizes the initial due dates for the Form 5500 and Form 5500-SF, irrespective of the day on which it falls.
Plan Year EndForm 5500/Form 5500-SF Due w/o Form 5558 Extension
01/31 08/31
02/28 09/30
03/31 10/31
04/30 11/30
05/31 12/31
06/30 01/31
07/31 02/28
08/31 03/31
09/30 04/30
10/31 05/31
11/30 06/30
12/31 07/31

If your plan has a short plan year – one which is less than 12 months – either for the initial plan year or the final plan year, you still apply the 7-1/2-month rule. The form and any applicable schedules must be filed by the last day of the 7th calendar month after the short plan year ends. If filing under an authorized extension of time the due date is by the extended due date.

Form 5558: Application for Extension of Time to File Certain Employee Plan Returns
Plans required to file the Form 5500 or Form 5500-SF may obtain a one-time extension of time to file their annual return. The IRS Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, grants an extension of up to 2½ months after the normal due date of the annual return.

Tip: A calendar year plan, for example, could file Form 5558 on or before the 7/31 deadline to extend the Form 5500-SF deadline to October 15.

Note: The Form 5558 must be filed with the IRS. Meta Pension will file this on behalf of clients needing to extend the return deadline.
As with the preparation of the Form 5500 and its applicable schedules or the Form 5500-SF, Meta Pension will prepare and submit the Form 5558 for any plan that requires additional time to file as instructed.
Warning: An extension granted by using this automatic extension procedure CANNOT be extended further by filing a Form 5558, nor can it be extended beyond a total of 9½ months beyond the close of the plan year.

Due to this warning, it may be worth considering that a Form 5558 be filed for the plan to obtain the maximum extension of time to file the Form 5500 or Form 5500-SF, in lieu of the automatic extension.

The below chart summarizes the due dates for the Form 5500 and Form 5500-SF, irrespective of the day on which it falls, inclusive of the extensions.

Plan Year EndForm 5500/Form 5500-SF Due w/o Form 5558 ExtensionForm 5500/Form 5500-SF Due w/ Form 5558 Extension
01/31 08/31 11/15
02/28 09/30 12/15
03/31 10/31 01/15
04/30 11/30 02/15
05/31 12/31 03/15
06/30 01/31 04/15
07/31 02/28 05/15
08/31 03/31 06/15
09/30 04/30 07/15
10/31 05/31 08/15
11/30 06/30 09/15
12/31 07/31 10/15
We’re happy to connect with you should you have any questions about these forms or filing for extensions.