Form 5500 Filing Deadline is Approaching
June 2, 2023
Employers with employee benefit plans that operate on a calendar year basis must file their annual reports (Forms 5500) for 2022 with the Department of Labor (DOL) by July 31, 2023. An employer may extend this deadline by two and one-half months (until October 16, 2023) by filing IRS Form 5558 by July 31, 2023. This extended deadline is typically October 15 for calendar year plans, but for 2022 filings the extended deadline is October 16, 2023.
Each these Forms can be found on the IRS Form 5500 Corner webpage.
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.
An employee benefit plan’s Form 5500 must accurately reflect the plan’s characteristics and operations for the reporting period. The reporting obligations under Form 5500 will vary based on the type and size of benefit plan involved. Employers should work with their service providers to complete Forms 5500 correctly and on time.
The above information does not constitute advice. Always contact your employee benefits broker or trusted advisor for insurance-related questions.
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