As a reminder, the annual Form 5500 deadline is quickly approaching. Calendar year employee benefit plans that applied for an extension must file Forms 5500 by Thursday, October 15, 2015.
The Form 5500 Annual Return/Report of Employee Benefit Plan is a consolidated annual report developed by the Department of Labor (DOL), Internal Revenue Service and the Pension Benefit Guaranty Corporation.
Generally, a Form 5500, plus any required schedules and attachments, must be completed and filed electronically each year for every pension benefit plan, welfare benefit plan and every entity that files as a Direct Filing Entity (DFE). There are certain filing exceptions for small, unfunded and/or fully insured welfare plans.
Failure to timely file a Form 5500 may result in significant penalties, including a penalty of up to $1,100 per day for each day that the Form 5500 is late. The DOL also may assess penalties for incomplete or deficient forms. Due to the severity of the penalties, plan sponsors may wish to make every effort to electronically file their Forms 5500 by the due date.