Smart Benefits: Form 5500 Deadline Extended for Some Plans Due to COVID-19
Sam Slade, Contributor
Smart Benefits: Form 5500 Deadline Extended for Some Plans Due to COVID-19
Form 5500, which must be filed electronically along with any schedules and attachments, is required for most employee benefit plans with 100 or more participants and small plans that don’t qualify for an exemption. The annual report is intended to ensure plans are operated and managed in accordance with certain standards to protect plan participants and beneficiaries. Typically, it is due the last day of the seventh month after the plan year ends.
The coronavirus-related extension is automatic, so plan sponsors don’t need to file any forms to take advantage of it. Those that need additional time beyond July 15 may request it using the Form 5558 as long as the extension doesn’t go past the original or regulatory extension date.
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