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Benefit Plan Deadlines

June 28, 2023


If you are a plan sponsor, the deadline to file Form 5500 for retirement plans is soon approaching. Here’s what you need to know:

– The Form 5500, or an extension (Form 5558), should be filed for plan years ending December 31, 2022 no later than July 31, 2023.
– The Form 5558 allows you to delay your filing until October 15, 2023.
– The U.S. Department of Labor requires that all Form 5500 annual returns be filed electronically using its EFAST2 program. The agency no longer accepts paper filings, except for filers submitting Form 5500-EZ.

If your plan has 100 or more active participants:
– The plan is subject to an audit requirement and will need to complete the Schedule H of the Form 5500.
– A copy of the audit will also need to be filed with the Form 5500.

If your plan has fewer than 100 participants:
– You should file a Form 5500-SF, Short Form with no requirement of an annual audit.

If you have a one-participant plan:
– You should file a Form 5500-EZ.

The Form 5500 may also be required for your health and welfare benefit plans. The same deadlines as above apply for a health and welfare plan however, the automatic extension of time to file the Form 5500 annual return is granted until the due date of the federal income tax return of the employer with a copy of the application for extension of time to file the employer’s federal income tax return.

Additionally, depending on the number of participants covered and plan design, there may be exemptions from the full filing requirements for health and welfare plans.
– A group health plan with fewer than 100 participants that is either fully insured or self-funded (or a combination of both) does not need to file an annual report.
– Plans with 100 or more participants that are fully insured or self-funded (or a combination) can file a limited report.

Please contact us for more information on your filing and audit deadlines and requirements.