- On June 18, 2025
- 5500, ERISA
Employers covered by the Employee Retirement Income Security Act of 1974 (ERISA) are required to file an annual report using Form 5500 for each employee benefit plan they sponsor each year—unless the plan qualifies for an exemption.
Key Deadline for Calendar-Year Plans
Form 5500 is typically due by the last day of the seventh month following the plan year’s end. For plans that follow the calendar year, the 2024 Form 5500 must be filed with the U.S. Department of Labor (DOL) by July 31, 2025. Employers needing additional time may request an automatic 2.5-month extension—until October 15, 2025—by submitting Form 5558 to the IRS no later than July 31, 2025. Beginning January 1, 2025, Form 5558 can be filed either electronically via the EFAST2 system or by paper.
Exemptions for Small Welfare Plans
Some small welfare benefit plans are not required to file Form 5500. Plans with fewer than 100 participants at the start of the plan year that are either unfunded, fully insured, or a combination of both typically qualify for this exemption. More details on exemptions are available in the DOL’s instructions for Form 5500.
Late Filings and the DFVCP
The DOL operates a Delinquent Filer Voluntary Compliance Program (DFVCP) to encourage plan administrators to file overdue Form 5500s voluntarily. This program allows employers to submit missed filings and pay reduced penalties if the DOL has not yet issued a written notice of failure to file.
Penalties for Noncompliance in 2025
Failure to file Form 5500 on time—or submitting an incomplete report—can result in significant penalties. Under ERISA, the DOL can impose fines of up to $2,739 per day for each day a filing is late. However, if an employer can show that the delay was due to “reasonable cause,” the DOL may waive or reduce the penalty. Using the DFVCP can also substantially lower potential fines.
Recommended Actions
Employers with calendar-year employee benefit plans should:
- Coordinate with plan administrators or third-party service providers to file the necessary reports through the EFAST2 system by July 31, 2025.
- Submit Form 5558 by the same date if an extension is needed.
- Review whether their plan qualifies for any filing exemptions.