Each year, employers that are subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file an annual report (Form 5500) for each employee benefit plan they maintain unless a filing exemption applies.

Employers with employee benefit plans that operate on a calendar year basis must file their annual reports for 2023 with the U.S. Department of Labor (DOL) by July 31, 2024. An employer may extend this deadline by 2.5 months (until Oct. 15, 2024) by filing Form 5558 with the IRS by July 31, 2024.

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.

Voluntary Compliance

The Delinquent Filer Voluntary Compliance Program (DFVCP) was created by the DOL to encourage plan administrators to voluntarily file overdue Forms 5500. The DFVCP gives delinquent plan administrators a way to avoid potentially higher penalty assessments by voluntarily completing their late Form 5500s for a year and paying reduced penalties. Plan administrators are eligible to use the DFVCP only if they make the required filings prior to being notified in writing by the DOL of a failure to file a timely annual report.

Action Steps

• Employers with calendar year plans that do not qualify for a filing exemption should work with their service providers to electronically file the Form 5500 (including required schedules and attachments) using the DOL’s EFAST2 electronic filing system by July 31, 2024.
• Employers that need extra time should file Form 5558 by July 31, 2024. Plan administrators should use a paper Form 5558, as electronic filing of Form 5558 is postponed until 2025.

This 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. Design ©2024 Zywave, Inc. All rights reserved.