The query “when is 5500 due” pertains to the filing deadline for Form 5500, an annual return/report that employee benefit plans, including retirement plans and health and welfare plans, are required to file with the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS). For example, a calendar-year plan generally has a filing deadline of the last day of the seventh month after the plan year ends. Thus, a plan year ending December 31st typically has a Form 5500 filing deadline of July 31st.
Accurate and timely submission of this form is critical for maintaining compliance with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Filing the 5500 provides transparency regarding the plans financial condition, operations, and compliance with applicable regulations. Failure to meet the filing deadline can result in significant penalties levied by the DOL and the IRS, impacting the financial health of the plan and potentially subjecting plan fiduciaries to liability.