The Annual Return/Report 5500 Series Forms and Instructions to be used by employee benefits plans consist of one form, plus four schedules for pensions and six schedules for financials. Form 5500 and its accompanying schedules must be filed with the Employee Benefits Security Administration (EBSA) on or before the last day of the seventh month following the close of the plan year. This is generally July 31 for calendar-year plans.
Penalties for noncompliance are stiff and are adjusted annually for inflation. For 2019 penalty amounts, see U.S. DOL EBSA Fact Sheet.
There is a delinquent filer voluntary compliance program designed to encourage voluntary compliance with the annual reporting requirements. The program gives delinquent plan administrators a way to avoid potentially higher civil penalty assessments by satisfying the program’s requirements and voluntarily paying a reduced penalty amount.
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