What it is
Form 5500 is the annual return and report that most ERISA-covered benefit plans file with the Department of Labor through EFAST2. The checklist walks through form selection, whether an audit is required and attached, the schedules, the due date and extension, signature and the related notices and records.
The rules differ by plan type and plan year, and the instructions are revised each year, so use the instructions for the year being filed. Penalty and correction questions belong with plan counsel.
When to use it
- Preparing the annual filing for a retirement or welfare plan.
- Deciding whether a plan needs an audit this year.
- Handing the file between the CPA firm, the third party administrator and the plan sponsor.
What’s inside
- Plan facts and form choice (5500, 5500-SF, 5500-EZ)
- Audit threshold and the audit report attachment
- Schedules A, C, H, I, R and others
- Due date, Form 5558 extension and EFAST2 signature
- Summary annual report, notices and six-year records
Standard cited
This template follows ERISA 103 / ERISA 104. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
When is Form 5500 due?
The last day of the seventh month after the plan year ends, so July 31 for a calendar year plan. Form 5558 filed by that date gives a one-time extension of up to two and a half months. If the date falls on a weekend or federal holiday, the next business day applies (Form 5500 instructions).
How do I count participants for the audit requirement?
For plan years beginning on or after January 1, 2023, the count for defined contribution plans uses participants with account balances at the beginning of the plan year, and the 80-120 participant rule can keep a plan in its prior filing category. A defined contribution plan filing its first return uses the end-of-year count (Form 5500 instructions).
What if the filing is late?
Consider the DOL Delinquent Filer Voluntary Compliance Program and discuss penalty exposure with plan counsel. Do not wait for a notice.
Related templates
- 401(k) and ERISA Defined Contribution Plan Audit Checklist
- Payroll Audit Checklist
- Management Representation Letter (AU-C 580)
Last updated 11/05/2026. All free templates.