How do I find submitted Form 5500 filings to confirm they were accepted and to view?
The Department of Labor created an easy to use EFAST2 website where you just need to enter the plan sponsor name, EIN, plan name or Acknowledgement ID (AckID) to locate Form 5500 filings that were successfully submitted. Note that this site was created to post 2009 and later plan year filings. If entering a plan sponsor name or plan name, it must be typed exactly as if appeared on the submitted filing, including spaces, abbreviations, etc. Therefore, entering the Plan Sponsor EIN is the best way to locate filings. Here is the link to this search tool: EFAST2 Filing Search Tool
If I am filing a Form 5558, Request for Extension with the IRS, do I need to attach a copy of the Form 5558 to my Form 5500, Form 5500-SF or Form 5500-EZ filing?
No – Do not attach a copy of the Form 5558 that was filed with the Internal Revenue Service to the Form 5500 being submitted via EFAST2. You must, however, keep a copy of the Form 5558 with the plan’s records along with proof of timely mailing.
On the Form 5500, for what purpose can I check the “Special Extension” box?
You must only use the “Special Extension” box for extensions announced by the IRS, DOL, or PBGC such as presidentially-declared disasters or for service in, or in support of, the Armed Forces of the United States in a combat zone. (See the Form 5500 instructions for “Other Extensions Of Time To File” and Part I, Line C.)
What can I do if I missed the Form 5500 due date and did not file a Form 5558 extension before the due date?
Sorry to hear you missed the due date; but there is still good news. The Department of Labor (DOL) has a reduced penalty program for Plan Sponsors to come forward regarding their late filings called the Delinquent Filers Voluntary Compliance Program (DFVCP). This program has been in effect many years and since its inception, the DOL reduced related late fees. Whether you missed the filing’s original due date and did not submit an extension, or missed the extended due date, this program is the recommended way to go! And the IRS has agreed not to charge their own penalties for filings submitted under this program.
What are the DFVC Program’s Fees?
“Per filing” cap – maximum penalty for a single late annual report – $750 for a small plan and $2,000 for a large plan.
“Per plan” cap – limits the penalty to: $1,500 for a small plan; and $4,000 for a large plan.
“Per Day Fee” – The program has a $10 per day fee up to the number of days late until submitted; up to the $750 or $2,000 maximum. The number of days late must be counted starting with the plan’s original due date, not the extended due date, for filings that were extended and did not file by the extended due date.
What about IRS late fees?
The IRS and PBGC have agreed to provide certain penalty relief for delinquent Form 5500s filed for Title I plans where the conditions of the DOL's DFVCP have been satisfied.
Note – the DFVC Program does not apply to Form 5500-EZ filers since only the IRS can assess penalties on Form 5500-EZ. Therefore, the IRS has their own reduced penalty program called the IRS Late Filer Penalty Relief Program. Under this program, the reduced late fee is $500 per delinquent return, up to $1,500 per submission for the same plan.
When is the Form 5500 due?
The Form 5500 due date is the last day of the 7th month following the last day of the plan year. For example, the due date for a calendar plan year (January 1 – December 31) is due the following July 31st. If the due date falls on a weekend or holiday, then it is moved to the next business day.
The Form 5500 due date can be extended 2 – 1/2 months if a Form 5558 is completed and sent in to the IRS on or before the Form 5500 original due date. For a calendar plan year, the July 31st due date can be extended to October 15th. Also, a Form 7004 – Corporate Tax Extension can be used to extend a Form 5500 filing IF the plan year and corporate fiscal year are the same and the corporation submitted a timely extension.
See table below for more due date examples:
Plan Year End
March 31
June 30
September 30
December 31
Due Date w/o Ext.
October 31
January 31
April 30
July 31
Due Date w/Form 5558 Ext.
January 15
April 15
July 15
October 15
Will the EFAST2 system still receive my filing if I do not attach the IQPA (audit) report with my Form 5500 annual return/report when it is required?
Yes, the EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is considered an incomplete filing and therefore subject to further review, correspondence, rejection, and assessment of penalties. It is important to still submit the Form 5500 filing on or before the due date to avoid late filing penalties. Any required supplemental schedules, i.e., Schedule of Assets Held for Investment and Schedule of 5% Reportable Transaction should be attached to the filing. Once the Auditor’s Report is complete, then amend the filing to attach the auditor’s report as soon as possible.
How do I find submitted Form 5500 filings to confirm they were accepted and to view?
The Department of Labor created an easy to use EFAST2 website where you just need to enter the plan sponsor name, EIN, plan name or Acknowledgement ID (AckID) to locate Form 5500 filings that were successfully submitted. Note that this site was created to post 2009 and later plan year filings. If entering a plan sponsor name or plan name, it must be typed exactly as if appeared on the submitted filing, including spaces, abbreviations, etc. Therefore, entering the Plan Sponsor EIN is the best way to locate filings. Here is the link to this search tool: EFAST2 Filing Search Tool
If I am filing a Form 5558, Request for Extension with the IRS, do I need to attach a copy of the Form 5558 to my Form 5500, Form 5500-SF or Form 5500-EZ filing?
No – Do not attach a copy of the Form 5558 that was filed with the Internal Revenue Service to the Form 5500 being submitted via EFAST2. You must, however, keep a copy of the Form 5558 with the plan’s records along with proof of timely mailing.
On the Form 5500, for what purpose can I check the “Special Extension” box?
You must only use the “Special Extension” box for extensions announced by the IRS, DOL, or PBGC such as presidentially-declared disasters or for service in, or in support of, the Armed Forces of the United States in a combat zone. (See the Form 5500 instructions for “Other Extensions Of Time To File” and Part I, Line C.)
What can I do if I missed the Form 5500 due date and did not file a Form 5558 extension before the due date?
Sorry to hear you missed the due date; but there is still good news. The Department of Labor (DOL) has a reduced penalty program for Plan Sponsors to come forward regarding their late filings called the Delinquent Filers Voluntary Compliance Program (DFVCP). This program has been in effect many years and since its inception, the DOL reduced related late fees. Whether you missed the filing’s original due date and did not submit an extension, or missed the extended due date, this program is the recommended way to go! And the IRS has agreed not to charge their own penalties for filings submitted under this program.
What are the DFVC Program’s Fees?
“Per filing” cap – maximum penalty for a single late annual report – $750 for a small plan and $2,000 for a large plan.
“Per plan” cap – limits the penalty to: $1,500 for a small plan; and $4,000 for a large plan.
“Per Day Fee” – The program has a $10 per day fee up to the number of days late until submitted; up to the $750 or $2,000 maximum. The number of days late must be counted starting with the plan’s original due date, not the extended due date, for filings that were extended and did not file by the extended due date.
What about IRS late fees?
The IRS and PBGC have agreed to provide certain penalty relief for delinquent Form 5500s filed for Title I plans where the conditions of the DOL's DFVCP have been satisfied.
Note – the DFVC Program does not apply to Form 5500-EZ filers since only the IRS can assess penalties on Form 5500-EZ. Therefore, the IRS has their own reduced penalty program called the IRS Late Filer Penalty Relief Program. Under this program, the reduced late fee is $500 per delinquent return, up to $1,500 per submission for the same plan.
When is the Form 5500 due?
The Form 5500 due date is the last day of the 7th month following the last day of the plan year. For example, the due date for a calendar plan year (January 1 – December 31) is due the following July 31st. If the due date falls on a weekend or holiday, then it is moved to the next business day.
The Form 5500 due date can be extended 2 – 1/2 months if a Form 5558 is completed and sent in to the IRS on or before the Form 5500 original due date. For a calendar plan year, the July 31st due date can be extended to October 15th. Also, a Form 7004 – Corporate Tax Extension can be used to extend a Form 5500 filing IF the plan year and corporate fiscal year are the same and the corporation submitted a timely extension.
See table below for more due date examples:
Plan Year End
March 31
June 30
September 30
December 31
Due Date w/o Ext.
October 31
January 31
April 30
July 31
Due Date w/Form 5558 Ext.
January 15
April 15
July 15
October 15
Will the EFAST2 system still receive my filing if I do not attach the IQPA (audit) report with my Form 5500 annual return/report when it is required?
Yes, the EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is considered an incomplete filing and therefore subject to further review, correspondence, rejection, and assessment of penalties. It is important to still submit the Form 5500 filing on or before the due date to avoid late filing penalties. Any required supplemental schedules, i.e., Schedule of Assets Held for Investment and Schedule of 5% Reportable Transaction should be attached to the filing. Once the Auditor’s Report is complete, then amend the filing to attach the auditor’s report as soon as possible.
How do I find submitted Form 5500 filings to confirm they were accepted and to view?
The Department of Labor created an easy to use EFAST2 website where you just need to enter the plan sponsor name, EIN, plan name or Acknowledgement ID (AckID) to locate Form 5500 filings that were successfully submitted. Note that this site was created to post 2009 and later plan year filings. If entering a plan sponsor name or plan name, it must be typed exactly as if appeared on the submitted filing, including spaces, abbreviations, etc. Therefore, entering the Plan Sponsor EIN is the best way to locate filings. Here is the link to this search tool: EFAST2 Filing Search Tool
If I am filing a Form 5558, Request for Extension with the IRS, do I need to attach a copy of the Form 5558 to my Form 5500, Form 5500-SF or Form 5500-EZ filing?
No – Do not attach a copy of the Form 5558 that was filed with the Internal Revenue Service to the Form 5500 being submitted via EFAST2. You must, however, keep a copy of the Form 5558 with the plan’s records along with proof of timely mailing.
On the Form 5500, for what purpose can I check the “Special Extension” box?
You must only use the “Special Extension” box for extensions announced by the IRS, DOL, or PBGC such as presidentially-declared disasters or for service in, or in support of, the Armed Forces of the United States in a combat zone. (See the Form 5500 instructions for “Other Extensions Of Time To File” and Part I, Line C.)
What can I do if I missed the Form 5500 due date and did not file a Form 5558 extension before the due date?
Sorry to hear you missed the due date; but there is still good news. The Department of Labor (DOL) has a reduced penalty program for Plan Sponsors to come forward regarding their late filings called the Delinquent Filers Voluntary Compliance Program (DFVCP). This program has been in effect many years and since its inception, the DOL reduced related late fees. Whether you missed the filing’s original due date and did not submit an extension, or missed the extended due date, this program is the recommended way to go! And the IRS has agreed not to charge their own penalties for filings submitted under this program.
What are the DFVC Program’s Fees?
“Per filing” cap – maximum penalty for a single late annual report – $750 for a small plan and $2,000 for a large plan.
“Per plan” cap – limits the penalty to: $1,500 for a small plan; and $4,000 for a large plan.
“Per Day Fee” – The program has a $10 per day fee up to the number of days late until submitted; up to the $750 or $2,000 maximum. The number of days late must be counted starting with the plan’s original due date, not the extended due date, for filings that were extended and did not file by the extended due date.
What about IRS late fees?
The IRS and PBGC have agreed to provide certain penalty relief for delinquent Form 5500s filed for Title I plans where the conditions of the DOL's DFVCP have been satisfied.
Note – the DFVC Program does not apply to Form 5500-EZ filers since only the IRS can assess penalties on Form 5500-EZ. Therefore, the IRS has their own reduced penalty program called the IRS Late Filer Penalty Relief Program. Under this program, the reduced late fee is $500 per delinquent return, up to $1,500 per submission for the same plan.
When is the Form 5500 due?
The Form 5500 due date is the last day of the 7th month following the last day of the plan year. For example, the due date for a calendar plan year (January 1 – December 31) is due the following July 31st. If the due date falls on a weekend or holiday, then it is moved to the next business day.
The Form 5500 due date can be extended 2 – 1/2 months if a Form 5558 is completed and sent in to the IRS on or before the Form 5500 original due date. For a calendar plan year, the July 31st due date can be extended to October 15th. Also, a Form 7004 – Corporate Tax Extension can be used to extend a Form 5500 filing IF the plan year and corporate fiscal year are the same and the corporation submitted a timely extension.
See table below for more due date examples:
Plan Year End
March 31
June 30
September 30
December 31
Due Date w/o Ext.
October 31
January 31
April 30
July 31
Due Date w/Form 5558 Ext.
January 15
April 15
July 15
October 15
Will the EFAST2 system still receive my filing if I do not attach the IQPA (audit) report with my Form 5500 annual return/report when it is required?
Yes, the EFAST2 system will receive your filing, but submitting the annual return/report without the required IQPA report is considered an incomplete filing and therefore subject to further review, correspondence, rejection, and assessment of penalties. It is important to still submit the Form 5500 filing on or before the due date to avoid late filing penalties. Any required supplemental schedules, i.e., Schedule of Assets Held for Investment and Schedule of 5% Reportable Transaction should be attached to the filing. Once the Auditor’s Report is complete, then amend the filing to attach the auditor’s report as soon as possible.
When is a welfare plan Form 5500 filing first required to be filed?
When is a welfare plan Form 5500 filing first required to be filed?
All welfare benefit plans covered by ERISA are required to file a Form 5500 EXCEPT when a plan covers fewer than 100 participants (as of the first day of the plan year) and is unfunded, fully insured, or a combination of unfunded and insured. A plan that is partially or fully funded by a 501c(9)/VEBA trust is required to file a Form 5500 regardless of the number of plan participants.
Which health and welfare benefits should be reported on a Form 5500 filing?
Which health and welfare benefits should be reported on a Form 5500 filing?
Typical ERISA benefits include medical, dental, vision. life insurance, long-term disability, temporary disability, severance pay, and business travel accident. There is also an “Other” category, which is commonly used to report benefits including accidental death & dismemberment, long-term care, Code Section 125, Healthcare FSA, Health Reimbursement Accounts and Employee Assistance Programs (EAP). It is recommended to include a footnote at the bottom of page 2 of Form 5500 to define the benefits that are included as “Other.”
Who should be counted as a participant on a health and welfare plan filing?
Who should be counted as a participant on a health and welfare plan filing?
For health and welfare plans, participant counts should include those that actually benefitted from at least one of the benefits reported on the Form 5500. For example, someone that “enrolled” in the medical plan should be counted, however, someone eligible for medical benefits but did not enroll, would not be counted. In regards to a plan with life insurance, employees that are “covered” under the life policy should be counted. Before counting the number of participants, the benefits to be reported under each ERISA plan need to be determined. For example, you can establish one ERISA plan filing that includes all ERISA benefits (a wrap plan) or you could establish more than one ERISA plan, and define the benefits of each plan. Benefits that flow through a 501c(9) trust are recommended to be part of a separate Form 5500 filing (ERISA plan), so the annual audit (if required) includes only those benefits that flow through the trust, to reduce auditing costs.
Is a Schedule C required to be completed and submitted for a health and welfare filing?
Is a Schedule C required to be completed and submitted for a health and welfare filing?
A Schedule C is not required as part of a health and welfare plan filing that meets the conditions of the limited annual reporting exemption under 29 CFR 2520.104-44 or Technical Release 92-01. In general, these regulations provide relief for certain welfare plans from various reporting and disclosure requirements of Part 1 of Title I of ERISA, including, in the case of plans with fewer than 100 participants, the requirement to file an annual report and, in the case of a plan with 100 or more participants, the requirement to engage an independent qualified public accountant. Relief to engage in obtaining an independent audit report, also provides relief for certain associated schedules like Schedules C, D and H.
For an unfunded health and welfare plan, what is reported for the self-insured benefits?
For an unfunded health and welfare plan, what is reported for the self-insured benefits?
If the unfunded health and welfare plan filing meets the conditions of the limited annual reporting exemption under 29 CFR 2520.104-44 or Technical Release 92-01, then self-insured benefits are just reported as a benefit of that ERISA plan filing by using the appropriate benefit code(s) on line 8b of the Form 5500. There is no Schedule A to include, even for the stop loss insurance portion since the stop loss protects the employer, not the ‘plan’ when the plan has no assets (VEBA Trust) of its own to protect.
Who can file a Form 5500-EZ?
Who can file a Form 5500-EZ?
The 5500-EZ was designed for one-participant plans, which are generally for a business owner (or an owner and spouse) where they are the only eligible participants, per the plan document. This form can also apply to a plan for a business partnership where the plan only covers the partners and/or their spouses. A plan that covers one participant who is not a business owner cannot complete a Form 5500-EZ and must complete a Form 5500-SF or Form 5500.
What is the asset threshold for the Form 5500-EZ filing requirement?
What is the asset threshold for the Form 5500-EZ filing requirement?
A Form 5500-EZ must be filed for plans that have assets that exceed $250,000 at the end of the plan year. This threshold was increased for plan years after 2006 (effective 1/1/2007) from the previous $100,000 threshold.
Is the Form 5500-EZ required to be filed electronically like the Form 5500 and 5500-SF?
Is the Form 5500-EZ required to be filed electronically like the Form 5500 and 5500-SF?
It depends. Effective with 2020 plan years, the Form 5500-EZ can be filed electronically using the EFAST2 System. It can also be submitted on paper, if the Employer files less than 250 government returns for the year, including Form W-2s, Form 1099s, etc. If the employer files 250 or more government filings in any given year, then the Form 5500-EZ must be filed electronically. Effective with the 2023 plan year, the 250 government returns threshold changes to only 10 returns. This will cause most Form 5500-EZ filings to be required to be submitted electronically.
