What is a Form 5500?
The Form 5500, Annual Return/Report of Employee Benefit Plan, is the form used to file an employee benefit plan’s annual information return with the Department of Labor (“DOL”). Form 5500 A comes from the insurance carriers.
Who has to file?
Only groups with 100 or more enrolled at the anniversary date each year.
How is it filed?
The Form 5500 must be filed electronically using the EFAST2 system at www.efast.dol.gov.
What is the deadline for filing?
Forms 5500 must generally be filed by the last day of the seventh month following the end of the plan year, unless an extension has been granted. For calendar–year plans, the deadline is July 31.
Penalties for failure to file can be costly
In addition to possible criminal penalties for willful Form 5500 failures, the plan administrator is subject to penalties of up to $1,100 for every day a Form 5500 is missing or incomplete.
How can I obtain an extension for filing?
Form 5558 can be filed for an automatic 2½ month extension (for a calendar year plan, to October 15th). The Form 5558 must be filed with the IRS on or before the due date of the Form 5500. If a plan sponsor files for an extension, it must be attached to the Form 5500 when the Form 5500 is filed.