Form 5500 Deadlines, Penalties, and Filing Essentials

If you’re responsible for managing employee benefit plans, understanding Form 5500 is non-negotiable. This form isn’t just paperwork — it’s a key compliance requirement governed by both the Department of Labor (DOL) and the IRS. The DOL’s Employee Benefits Security Administration (EBSA) handles compliance enforcement, while the IRS uses Form 5500 filings to ensure tax code rules are followed. Together, these agencies work to keep employee benefit plans transparent and accountable.

When Is Form 5500 Due?

For most health and welfare plans, the deadline is pretty straightforward: Form 5500 must be filed by the last day of the seventh month after your plan year ends. For calendar year plans, that means July 31st of the following year. If you can’t meet that deadline, you do have an option to request an extension — up to 2.5 additional months — by submitting Form 5558 before your original due date. But be clear: extensions requested after the deadline aren’t guaranteed.

If your plan year is shorter than 12 months, the same rule applies — seven months after the plan year ends.

What If You Miss the Deadline?

Missing your Form 5500 deadline isn’t just inconvenient; it can get costly. The IRS can hit you with a $250 daily penalty for late filing, capped at $150,000 per plan year. The DOL’s penalties are even steeper — up to $2,670 per day, with no cap.

Fortunately, the agencies offer some relief through the Delinquent Filer Voluntary Compliance Program (DFVCP). This program allows plan administrators to voluntarily fix late filings and reduce penalties. Under the program, penalties are capped at $1,500 per filing for small plans (under 100 participants) and $4,000 for large plans (100 or more participants).

How Do You File?

Form 5500 is filed electronically through the DOL’s EFAST2 system — no paper copies accepted. You can file it yourself if you want, but you’ll need to set up a login.gov account and register for EFAST2 credentials, which includes getting a User ID and PIN.

If handling it yourself feels like a hassle, you can hire a third party to file on your behalf. Most third-party providers only require a signed authorization from you to file electronically — no need for you to set up accounts or learn the system.

No matter how you file, keep your Form 5500 records and supporting documentation for at least seven years. That includes everything you used to prepare the form — trust me, you’ll thank yourself later if questions arise.