Definition
Form 5500 is the annual return and report of an employee benefit plan, filed electronically through the EFAST2 system. It serves the Department of Labor, the IRS, and the Pension Benefit Guaranty Corporation. A large plan completes Schedule H and attaches the audit report. A small plan may file Form 5500-SF if it qualifies. The filing is due on the last day of the seventh month after the plan year ends, with an extension available through Form 5558.
Why it matters in an audit or review
The audit report must be in hand before the plan administrator can file a complete return, so the audit timetable follows the 5500 due date. For a calendar-year plan the due date is July 31, and the extended date is October 15. A missing audit report makes the filing incomplete, and the DOL can reject it and assess penalties. Schedule H amounts should agree with the audited financial statements.
Example
Illustrative: a calendar-year plan's auditor delivers the report on September 20. The administrator had filed Form 5558 in July, and files the complete return by October 15 with the report attached.
Common mistakes
Letting Schedule H differ from the audited statements, or filing the return without the audit report.
FAQ
Who signs the Form 5500?
The plan administrator signs it. The auditor does not.
Sources
- IRS, Form 5500 Corner: https://www.irs.gov/retirement-plans/form-5500-corner
- DOL, EBSA, Form 5500 Series: https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500
- ERISA section 103 and section 104, 29 U.S.C. 1023 and 1024
- Instructions for Form 5500 (due date, Form 5558 extension, Schedule H)
Definitions paraphrase AICPA and FASB guidance; read the standard itself before relying on a requirement. Example figures are illustrative. This page is guidance, not professional advice. Report an error