Form 5500 Is Due By Aug. 1, 2022 For Calendar Year Plans.

The U.S. Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corp. previously announced changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Employee Benefit Plan, and related instructions, that apply beginning with 2022 plan year reports.

Typically, the Form 5500 is due by July 31, for calendar year plans, but if the filing due date falls on a Saturday, Sunday or federal holiday, it may be filed on the next business day. Therefore, employers with employee benefit plans that operate on a calendar year basis must file their annual reports(Forms 5500) for 2021 with the Department of Labor by Aug. 1, 2022.

What About An Extension?

If an employer wants an extension, the employer may extend this deadline by two and one-half months (until Oct. 17 2022) by filing IRS Form 5558 by Aug. 1, 2022.

Form 5500 Deadline Highlights

• Employers that are subject to ERISA must file an annual report (Form 5500) for their employee benefit plans.
• The Form 5500 must be filed electronically.
• Welfare benefit plans are exempt if they are unfunded or fully insured and have fewer than 100 plan participants.

Important Dates

Aug. 1, 2022 – Form 5500 deadline for employers with calendar year plans that do not qualify for a filing exemption.

Oct. 17, 2022 – Form 5500 extended deadline for calendar year plans.

Steps To Take For Filing Form 5500

An employer must file a Form 5500 for each separate employee benefit plan that it maintains, unless a filing exemption applies. Employers can combine different welfare benefits under a single plan to simplify their Form 5500 reporting obligation.

Small welfare benefit plans (fewer than 100 covered participants) that are unfunded or fully insured (or a combination of unfunded and insured) are exempt from the Form 5500 filing requirement.

Employers with calendar year plans that do not qualify for the filing exemption should work with their service providers to complete their Form 5500 and file it by Aug. 1, 2022. Employers that need extra time should file Form 5588 by Aug. 1, 2022.