{"id":4195,"date":"2024-04-01T12:59:00","date_gmt":"2024-04-01T16:59:00","guid":{"rendered":"https:\/\/primepay.com\/blog\/form-5500-filing-requirements-types-important-deadlines\/"},"modified":"2025-01-29T12:44:30","modified_gmt":"2025-01-29T17:44:30","slug":"form-5500-filing-requirements-types-important-deadlines","status":"publish","type":"post","link":"https:\/\/primepay.com\/blog\/form-5500-filing-requirements-types-important-deadlines\/","title":{"rendered":"Everything to Know About Form 5500 Filing: Requirements, Types, and Important Deadlines"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Some employer obligations are apparent, such as providing <\/span><a href=\"\/blog\/mandated-employee-benefits-you-must-provide\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">mandated benefits<\/span><\/a><span style=\"font-weight: 400;\"> and following <\/span><span style=\"font-weight: 400;\">anti-discrimination practices<\/span><span style=\"font-weight: 400;\">. However, when it comes to compliance documents, things can get confusing quickly (and, not to mention, costly if you miss those deadlines).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One such compliance rule is filing Form 5500. Below is a quick run-down of the ins and outs of the form \u2013 including Form 5500 filing requirements, due dates, and versions \u2013 to help you remain compliant this year. <\/span><\/p>\n<h2 id=\"jump-link-one\"><span style=\"font-weight: 400;\">What is Form 5500?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The Form 5500 Series ensures that employers administer and manage employee benefit plans in compliance with certain established standards. Form 5500 also ensures that employers supply or give participants, beneficiaries, and regulators access to adequate information to protect their rights and benefits under employee benefit plans.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks to a collaboration between the DOL, the IRS, and the Pension Benefit Guaranty Corporation, employee benefit plans can use the Form 5500 Series forms to meet annual reporting requirements under Title I and Title IV of the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code.<\/span><\/p>\n<h2 id=\"jump-link-two\"><span style=\"font-weight: 400;\">Who Files Form 5500?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Every plan covered by <\/span><span style=\"font-weight: 400;\">ERISA<\/span><span style=\"font-weight: 400;\"> (including health and welfare plans) must file Form 5500.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As <\/span><a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/EBSA\/about-ebsa\/about-us\/erisa-advisory-council\/2004-health-and-welfare-form-5500-requirements.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">outlined by the DOL<\/span><\/a><span style=\"font-weight: 400;\">, these benefit plans generally include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">medical, surgical, or hospital benefits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">some employee assistance programs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">sickness or accident benefits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">disability benefits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">death benefits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">supplemental unemployment or vacation benefits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">apprenticeship, or other training programs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">daycare centers<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">scholarship funds<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">prepaid legal services<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">severance pay<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Life<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">prescription drug<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vision<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It\u2019s important to note that even <\/span><a href=\"\/blog\/how-to-set-up-a-small-business-employee-benefit-program\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">small businesses<\/span><\/a><span style=\"font-weight: 400;\"> can file under ERISA just like any other employer and must adhere to the same Form 5500 filing requirements.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Form 5500 Filing Exceptions<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are exceptions based on the plan&#8217;s size, funding arrangement, and sector, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Governmental and church plans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Unfunded, fully insured, or a mix of insured and unfunded welfare plans with fewer than 100 participants at the start of the plan year (also called \u201csmall\u201d plans).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Welfare programs administered outside of the United States that primarily benefit non-resident aliens.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plans where only a few management or highly compensated employees are covered by unfunded or insured welfare programs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Plans are only kept to comply with <\/span><span style=\"font-weight: 400;\">workers\u2019 compensation<\/span><span style=\"font-weight: 400;\">, unemployment compensation, and disability insurance requirements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Participating welfare benefit plans in a group insurance arrangement that submits Form 5500 for the participating plans.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Apprenticeship or training plans that satisfy specific criteria.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Specific unfunded welfare benefit plans financed by dues.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Only the owner and\/or spouse of a completely owned trade or firm, or the partners and\/or spouses of partners in a partnership, have access to welfare benefit programs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Please refer to the DOL\u2019s <\/span><a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/EBSA\/about-ebsa\/about-us\/erisa-advisory-council\/2004-health-and-welfare-form-5500-requirements.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Health and Welfare Form 5500 Requirements Report<\/span><\/a><span style=\"font-weight: 400;\"> for additional information.<\/span><\/p>\n<h2 id=\"jump-link-three\"><span style=\"font-weight: 400;\">Which Version of Form 5500 Should I File?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Your organization\u2019s size and your retirement plan\u2019s structure determine which version of Form 5500 you must complete.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">1. Form 5500<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most organizations that have a plan with 100 or more participants use <\/span><a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/EBSA\/employers-and-advisers\/plan-administration-and-compliance\/reporting-and-filing\/form-5500\/2020-form-5500.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Form 5500<\/span><\/a><span style=\"font-weight: 400;\">, Annual Return\/Report of Employee Benefit Plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Form 5500 reports information about a plan\u2019s qualification, financial condition, investments, and activities.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4196\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/form-5500-filing-e1711981003626.jpeg\" alt=\"form 5500 filing\" width=\"1010\" height=\"484\" title=\"\" srcset=\"https:\/\/primepay.com\/wp-content\/uploads\/form-5500-filing-e1711981003626.jpeg 1010w, https:\/\/primepay.com\/wp-content\/uploads\/form-5500-filing-e1711981003626-768x368.jpeg 768w\" sizes=\"auto, (max-width: 1010px) 100vw, 1010px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">2. Form 5500-SF<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most organizations that have a plan with fewer than 100 participants requiring a submission use <\/span><a href=\"https:\/\/www.dol.gov\/sites\/dolgov\/files\/EBSA\/employers-and-advisers\/plan-administration-and-compliance\/reporting-and-filing\/form-5500\/2020-form-5500-sf.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Form 5500-SF<\/span><\/a><span style=\"font-weight: 400;\">, Short Form Annual Return\/Report of Small Employee Benefit Plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Form 5500-SF also reports information about a plan\u2019s qualification, financial condition, investments, and activities.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4197\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/Form-5500-SF-filing.png\" alt=\"Form 5500-SF filing\" width=\"798\" height=\"374\" title=\"\" srcset=\"https:\/\/primepay.com\/wp-content\/uploads\/Form-5500-SF-filing.png 798w, https:\/\/primepay.com\/wp-content\/uploads\/Form-5500-SF-filing-768x360.png 768w\" sizes=\"auto, (max-width: 798px) 100vw, 798px\" \/><\/p>\n<h3><span style=\"font-weight: 400;\">3. Form 5500-EZ\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Most organizations with a \u201cone-participant\u201d plan and\/or a foreign plan use <\/span><a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f5500ez.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Form 5500-EZ<\/span><\/a><span style=\"font-weight: 400;\">, Annual Return of A One-Participant (Owners\/Partners and Their Spouses) Retirement Plan or A Foreign Plan.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> Prior to 2021, one-participant plans could use Form 5500-SF. Employers of such now must use Form 5500-EZ.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-4198\" src=\"https:\/\/primepay.com\/wp-content\/uploads\/Form-5500-EZ-filing.png\" alt=\"Form 5500-EZ filing\" width=\"747\" height=\"274\" title=\"\"><\/p>\n<h2 id=\"jump-link-four\"><span style=\"font-weight: 400;\">What is the Form 5500 Due Date?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The due date for Forms 5500, 5500-SF, and 5500-EZ is \u201cthe last day of the seventh month after the plan year ends.\u201d In other words, if your plan is scheduled for the calendar year, your Form 5500 deadline is July 31.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Need more time? You can file for an extension using Form 5558.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For additional information, refer to the <\/span><a href=\"https:\/\/www.irs.gov\/retirement-plans\/form-5500-corner\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">IRS Form 5500 Corner<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some employer obligations are apparent, such as providing mandated benefits and following anti-discrimination practices. However, when it comes to compliance documents, things can get confusing quickly (and, not to mention, costly if you miss those deadlines). One such compliance rule is filing Form 5500. Below is a quick run-down of the ins and outs of [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":4200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-4195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-benefits-compliance"],"acf":[],"_links":{"self":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/4195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/comments?post=4195"}],"version-history":[{"count":1,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/4195\/revisions"}],"predecessor-version":[{"id":7028,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/posts\/4195\/revisions\/7028"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media\/4200"}],"wp:attachment":[{"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/media?parent=4195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/categories?post=4195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/primepay.com\/wp-json\/wp\/v2\/tags?post=4195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}