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 (DOL) by Aug. 1, 2022. An employer may extend this deadline by two and one–half months (until Oct. 17 2022) by filing IRS Form 5558 by Aug. 1, 2022.
Typically, the Form 5500 is due by July 31st for calendar year plans, with an extension deadline of Oct. 15th, but if the filing due date falls on a Saturday, Sunday or federal holiday, it may be filed on the next business day.
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.
Action Steps
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.
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.
Annual Reporting Requirement – Form 5500
The annual reporting obligation is generally satisfied by filing the Form 5500 “Annual Return/Report of Employee Benefit Plan,” including all required schedules and attachments. Small plans (fewer than 100 participants) that do not qualify for a filing
exemption may be able to use a simplified form (Form 5500-SF “Short Form Annual Return/Report of Small Employee Benefit Plan”) for the annual reporting requirement.
The Form 5500, including required schedules and attachments, must be filed electronically using the DOL’s EFAST2 electronic filing system. Employers cannot file the Form 5500 on paper. Under EFAST2, employers may use either approved third-party vendor software or the DOL’s web-based filing system (IFILE) to prepare and submit Forms 5500.
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