The IRS, Department of Labor, and Pension Benefit Guaranty Corporation developed the Form 5500-series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.
Who Files: The employer maintaining the plan or the plan administrator of a Pension or Welfare benefit plan covered by ERISA.
File Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan.
Where to File: Must file electronically through EFAST2.
Additional tips:
Due date: the last day of the seventh month after the plan year ends (July 31 for a calendar year plan).
Extensions: request on Form 5558
Increased Penalties for Failure to File Retirement Plan Returns
Section 403 of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), Division O of the Further Consolidated Appropriations Act, 2020 (P.L. 116-94), increases penalties for failure to file certain retirement plan returns effective for returns, statements, and notifications required to be filed after December 31, 2019.
The penalty for failure to file Form 5500 series and Form 5310-A required by IRC 6058 increased to $250 per day, not to exceed $150,000. The penalty for failure to file a registration statement, Form 8955-SSA, required by IRC 6057(a), increased to $10 for each participant with respect to whom there is a failure to file multiplied by the number of days the failure occurred, not to exceed $50,000 with respect to any plan year. The penalty for failure to file a notification of change of plan status required by IRC 6057(b) increased to $10 for each day during which such failure occurs, not to exceed $10,000.
(Information provided by IRS)
The DOL offers a program for late filings under the Delinquent Filer Voluntary Correction Program (DFVCP). In an effort to encourage pension and welfare plan administrators to file overdue annual reports (commonly referred to as the Form 5500), the Department of Labor’s Employee Benefits Security Administration (EBSA) is providing plan administrators with the opportunity to pay reduced civil penalties for voluntarily complying with the annual reporting requirements. For further instructions link to https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/correction-programs/dfvcp
(Information provided by DOL)