Information Regarding ERISA Compliance and Health Plan Audits

Form 5500 deadlines for 2024

Employers subject to the Employee Retirement Income Security Act of 1974 (ERISA) must electronically file Form 5500 annually for every employee benefit plan they maintain, unless an exemption applies.

For benefit plans operating on a calendar year basis, employers must file their 2023 annual report with the U.S. Department of Labor (DOL) by July 31, 2024. This deadline may be extended by 2.5 months (until Oct. 15, 2024) by filing Form 5558 with the IRS by July 31, 2024. Welfare benefit plans with fewer than 100 covered participants are exempt from the Form 5500 filing requirement.

 

Compliance

It is important to adhere to these deadlines, as the DOL can assess penalties for noncompliance of Form 5500 or not filing Forms 5500 by the due date. The DOL has the authority under ERISA to authorize penalties of up to $2,670 per day for each day documents are not filed or completed. The penalties may be waived if failing to submit or finish forms was due to a reasonable cause.

The Delinquent Filer Voluntary Compliance Program (DFVCP), created by the DOL, encourages plan administrators to voluntarily file overdue Forms 5500. The DFVCP gives administrators the ability to avoid higher penalty assessments by completing late Form 5500s and paying reduced penalties. Administrators are only eligible to access the DFVCP if filings are made prior to being notified by the DOL of a failure to file reports.

Employers with calendar year plans that do not qualify for exemptions should contact their dedicated Creative Benefits team member for assistance with electronically filing the Form 5500 (including required schedules and attachments) using the DOL’s EFAST2 electronic filing system by July 31, 2024.