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.
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
- DOL webpage on the Form 5500 Series, including links to informational copies of current and prior Forms 5500 and 5500-SF, schedules, instructions and links to general reporting and compliance assistance
- DOL webpage dedicated to EFAST2 electronic filing information
- DOL Fact Sheet and FAQs about the Delinquent Filer Voluntary Compliance Program
- DOL’s Form 5500 and Form 5500-SF Filing Tips
- IRS Form 5500 Corner
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.
