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Form 5500 Must Be Electronically Filed by July 31, 2024

Employers subject to Employee Retirement Income Security Act of 1974 (ERISA) must electronically file Form 5500 by July 31, 2024. Form 5500 series protects the rights and benefits of plan participants and beneficiaries by assuring:

  • Employee benefit plans are operated and managed in accordance with certain prescribed standards
  • Employee benefit plan participants and beneficiaries are provided with or have access to sufficient plan information.

Employee benefit plans that operate on a calendar year basis must file 2023 reports with the U.S. Department of Labor (DOL) by July 31, 2024. An employer may extend the July 31 deadline until October 15, 2024 by completing Form 5558 and submitted to the IRS by July 31, 2024. Welfare benefit plans with fewer than 100 covered participants that are unfunded or fully insured (or a combination of each) are exempt from Form 5500 requirement.

Form 5500 Must Be Electronically Filed by July 31, 2024

Next Steps

Employers that do not qualify for a filing exemption should work with their group benefits providers to electronically file Form 5500 (including required attachments) using the DOL’s EFAST2 electronic filing system by July 31, 2024.

Employers in need of an extension, file Form 5558 with the IRS by July 31, 2024. Form 5558 should be filed using a paper form (electronic filing of Form 5558 has been postponed until 2025).

Additional Resources

Connect with a UNICO Employee Benefits Advisor for more information.

This Compliance Bulletin is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.