Prefer not to do it yourself? ABY can help.
Form 5500 filings carry strict deadlines and steep daily penalties for late or missing returns. ABY can prepare and file your 5500s, and any required Summary Annual Report, for you.
Most employers with 401(k) or other retirement plans receive substantial support from their recordkeeper, who typically prepares the 5500 data package and often files on the plan sponsor's behalf. The plan sponsor remains the legally responsible party for accuracy and timely filing. Large retirement plans, generally those with 100 or more participants at the beginning of the plan year, must also attach an independent auditor's report, which requires engaging a qualified public accountant months before the filing deadline.
What
Annual ERISA report filed electronically via EFAST2 summarizing the plan's finances, investments, operations, and service providers. Required schedules vary by plan type and size.
Who
Most ERISA-covered retirement plans: 401(k), profit sharing, money purchase, defined benefit, and others. Governmental and church plans are generally exempt from ERISA filing requirements. See Special Cases below for plan-type details.
When
Last day of the 7th month after the plan year ends: July 31 for calendar-year plans. A 2.5-month extension is available by filing Form 5558 before the original deadline (October 15 for calendar-year plans).
Risk
The DOL can assess $2,739 per day (2026 rate, adjusted annually) with no maximum cap under ERISA § 502(c)(2) for failure to file timely. The IRS separately assesses $250/day (max $150,000) under IRC § 6652(e). A plan that misses a full year's filing faces potential penalties exceeding $1 million. The DOL's Delinquent Filer Voluntary Compliance Program (DFVC) can substantially reduce penalties for plans that come forward proactively.
Jul 31
Annual filing
Last day of the 7th month after plan year end (calendar-year plans). Electronic only via EFAST2.
Oct 15
Extension (Form 5558)
File Form 5558 before the original due date for a 2.5-month extension.
Audit
Large plans
Engage your auditor 3 to 4 months before the filing deadline; audits take time.
| Trigger | Due Date / Window | Notes |
|---|---|---|
| Annual filing (Form 5500, 5500-SF, or 5500-EZ) | Last day of the 7th month after plan year end | July 31 for calendar-year plans. Filing is electronic only via EFAST2. |
| Extension (Form 5558) | File before the original due date for a 2.5-month extension | Extends the deadline to October 15 for calendar-year plans. Must be filed on paper with the IRS before the original due date. |
| Independent audit (large plans) | Audit report must be attached to the filing | Engage your auditor 3 to 4 months before the filing deadline; audits take time. Large plans that file late because the audit isn't ready are still subject to late penalties. |
| Late filing relief (DFVC Program) | As soon as possible after a missed deadline | The DOL's Delinquent Filer Voluntary Compliance Program caps penalties well below the statutory maximum. The IRS will generally waive its own penalty for plans that complete the DFVC program. |
Trigger: Annual filing
Window: Last day of the 7th month after plan year end (Jul 31)
Notes: Electronic only via EFAST2.
Trigger: Extension (Form 5558)
Window: Before the original due date (to Oct 15)
Notes: Must be filed on paper with the IRS before the original due date.
Trigger: Independent audit (large plans)
Window: Attached to the filing
Notes: Engage the auditor 3 to 4 months ahead. Late audit doesn't excuse late penalties.
Trigger: Late filing relief (DFVC)
Window: As soon as possible after a missed deadline
Notes: Caps penalties well below the statutory maximum; usually IRS relief too.
- EFAST2 credentials: Filing signer and filing author credentials for everyone who will access the filing. Set these up early; account issues close to the deadline cause unnecessary delays.
- Plan identifiers: Plan name, plan number, plan year, EIN, plan type, and funding and benefit arrangement codes.
- Participant counts: Beginning-of-year and end-of-year counts by category (active, retired/separated with vested benefits, deceased with beneficiaries). Confirm the correct counting methodology with your recordkeeper; retirement plan participant counting has specific rules.
- Financial data: Beginning and ending plan asset values, contributions, distributions, and administrative expenses; typically provided by the recordkeeper or custodian.
- Required schedules: See the green section below for a schedule guide. Common ones for retirement plans include Schedule H or I (financial information), Schedule R (retirement plan information), and Schedule C (service provider compensation, large plans).
- Independent audit report (large plans): Required for plans with 100 or more participants at the beginning of the plan year. Must be prepared by an independent qualified public accountant (IQPA) and attached to the filing.
- Service provider data: TPA fee data and any reportable transactions or party-in-interest information for Schedule C (large plans).
1
Confirm whether filing is requiredMost ERISA retirement plans must file. Governmental and church plans are generally exempt. One-participant plans with $250,000 or less in assets at year-end may also be exempt. Ask your recordkeeper or TPA if you're unsure.
2
Determine which form to useFull Form 5500 for most plans; Form 5500-SF for eligible small plans (fewer than 100 participants, no employer securities, certain other conditions); Form 5500-EZ for one-participant plans (owner-only or owner and spouse). See the green section below for the decision guide.
3
Engage your auditor early (large plans)If your plan had 100 or more participants at the beginning of the plan year, engage an independent qualified public accountant as soon as the plan year closes; audits typically take 6 to 10 weeks.
4
Collect schedules and vendor dataCoordinate with your recordkeeper, custodian, and TPA. Give vendors a clear deadline with buffer before your filing deadline.
5
Review and signReview the completed filing for accuracy: participant counts, financial figures, and service provider information. The plan sponsor's authorized signer is responsible for the accuracy of the return.
6
E-file via EFAST2Validate, sign electronically, and submit. Save the acceptance acknowledgment immediately; it's your proof of timely filing.
7
If you miss the deadlineFile as soon as possible and use the DOL's DFVC program to substantially reduce penalties before the DOL contacts you. Coordinate any IRS relief separately.
- System: All Form 5500 and 5500-SF filings must be submitted through EFAST2 at efast.dol.gov. Form 5500-EZ can be filed on paper with the IRS or electronically through EFAST2.
- Credentials: The filing signer must have a valid EFAST2 account. Set up or verify credentials well before the filing deadline; account lockouts and password resets take time to resolve.
- Signatures: The plan administrator or authorized plan sponsor officer must sign the filing electronically. Retain the signed version and the EFAST2 acceptance acknowledgment.
- Amended filings: If you discover an error after filing, submit an amended Form 5500 as soon as possible. Mark the return as amended and correct all affected schedules.
- Public availability: Filed Form 5500s are publicly available through the DOL's EFAST2 public search tool. Participant and beneficiary information is protected, but plan financial and service provider data is visible.
- Acceptance acknowledgmentEFAST2 acceptance acknowledgment and a PDF of the complete filed return, including all schedules.
- Audit reportIndependent audit report (if applicable), including the auditor's signed opinion and all supporting workpapers provided.
- Supporting workpapersWorkpapers supporting participant counts, financial figures, and service provider compensation data used in the filing.
- ExtensionForm 5558 and a copy of the timely-filed extension, if an extension was used.
- DFVC documentationDFVC program documentation if late filing relief was used, including the penalty payment confirmation.
- Vendor data packagesRecordkeeper and custodian data packages used to prepare the filing.
Common traps
Assuming the recordkeeper filed: Many recordkeepers prepare the filing and may even submit it as the plan's agent, but the plan sponsor is the legally responsible party. Confirm what your recordkeeper's service agreement covers and verify the EFAST2 acceptance acknowledgment each year.
Using the wrong participant count methodology: Retirement plan participant counting has specific rules for who counts and when. Using the wrong methodology can put you in the wrong filing category, triggering an unexpected audit requirement or incorrectly claiming small-plan status.
Forgetting the large plan audit: The 100-participant threshold is measured at the beginning of the plan year. If you hit 100 participants on January 1, the audit is required for that year's filing, even if you drop below 100 by year end. The audit must be engaged early enough to complete before the filing deadline.
Not filing Form 5558: The extension is not automatic; you must file Form 5558 on paper with the IRS before the original due date. If you miss the original deadline without a timely-filed Form 5558, penalties begin accruing immediately.
Missing Schedule A for plans with insurance contracts: Retirement plans that hold group annuity contracts or life insurance policies must include a Schedule A for each insurance contract. Plans invested entirely in mutual funds typically don't need Schedule A, but confirm with your recordkeeper.
FAQs
Does our plan need to file if it has fewer than 100 participants?
Possibly not the full Form 5500. Plans with fewer than 100 participants at the beginning of the plan year that meet certain conditions may file the simplified Form 5500-SF instead. One-participant plans (owner-only or owner and spouse) with $250,000 or less in assets at year-end may be exempt from filing entirely. Check with your recordkeeper or TPA to confirm which form applies to your plan.
Can a missed or late filing be corrected?
Yes. File as soon as possible and use the DOL's DFVC program before the DOL contacts you. The DFVC caps penalties well below the statutory $2,739/day rate and typically results in IRS penalty relief as well. Acting before the DOL initiates contact is what makes the reduced rate available.
Where do we file?
Electronically through EFAST2 at efast.dol.gov. Form 5500-EZ may also be filed on paper directly with the IRS, but electronic filing through EFAST2 is available and recommended for all forms.
- One-participant plans (Form 5500-EZ): Plans covering only a business owner (or owner and spouse) with no common-law employees may use Form 5500-EZ. Plans with $250,000 or less in assets at year-end are exempt from filing entirely. Confirm eligibility with your TPA or recordkeeper.
- Small plans (Form 5500-SF): Plans with fewer than 100 participants at the beginning of the plan year that meet certain conditions (no employer securities, investments held in certain regulated vehicles) may file the simplified Form 5500-SF.
- Large plan audit requirement, 80-120 rule: Plans between 80 and 120 participants may continue using small-plan status if they filed as a small plan the prior year. This provides some flexibility at the margin and can defer the audit requirement by one year.
- Defined benefit plans: Must also file Schedule MB (multiemployer) or Schedule SB (single-employer) with actuarial certification. Engage your actuary early; these schedules add preparation time and the actuary's signature is required.
- Governmental plans: Plans sponsored by state or local governments are generally exempt from ERISA and not required to file Form 5500. Confirm your plan's status.
- Church plans: Plans maintained by churches or church-affiliated organizations may be exempt from ERISA under the church plan exemption. The exemption is not automatic for all church-affiliated employers; confirm status with counsel.
- Short plan years: A plan's first year, final year, or a year in which the plan year changed results in a short plan year filing. The due date is still the last day of the 7th month after the short plan year ends.
The two most common questions at filing time are which version of the form to use and which schedules to attach. Use this guide to work through both, then confirm with your recordkeeper or TPA.
Step 1: Which Form?
| Form | Who Uses It | Key Conditions |
|---|---|---|
| Form 5500 | Most ERISA retirement plans | Default form; required for large plans (100+ participants) and plans that don't qualify for 5500-SF or 5500-EZ |
| Form 5500-SF | Eligible small retirement plans | Fewer than 100 participants at beginning of plan year; no employer securities; investments held in certain regulated vehicles (mutual funds, bank collective funds, insurance contracts, etc.) |
| Form 5500-EZ | One-participant plans | Owner-only or owner-and-spouse plan with no common-law employees; plan assets over $250,000 at year-end (otherwise exempt from filing) |
Step 2: Which Schedules?
| Schedule | What It Covers | Who Needs It |
|---|---|---|
| Schedule A | Insurance information | Retirement plans that hold group annuity contracts or life insurance policies. Not required for plans invested entirely in mutual funds or bank collective funds. |
| Schedule C | Service provider compensation | Large plans (100+ participants) that paid $5,000 or more to any service provider during the plan year. |
| Schedule H | Financial information | Large plans filing Form 5500 (100+ participants). Covers assets, liabilities, income, and expenses. |
| Schedule I | Financial information (simplified) | Small plans filing Form 5500 (not 5500-SF) with fewer than 100 participants. |
| Schedule R | Retirement plan information | Most retirement plans filing Form 5500 or 5500-SF. Covers distributions, funding, and plan characteristics. |
| Schedule SB | Actuarial information | Single-employer defined benefit plans. Prepared and signed by the plan's enrolled actuary. |
| Schedule MB | Actuarial information | Multiemployer defined benefit plans and certain money purchase pension plans. |
Your recordkeeper or TPA will typically identify the required schedules for your specific plan. This guide covers the most common ones; confirm with your vendors before filing.