Retirement & Welfare Plan Filing Requirements
2003-07/30 Mary Ellen Schill

Retirement and welfare plan sponsors (with some exceptions) must file a Form 5500 with the Department of Labor annually. The filing due date for the Form 5500 is the end of the 7th month following the close of the plan year. Accordingly, calendar year plans must file by July 31st . Please note that the penalties for late filing can be as high as $1,100 per day.

An automatic 2 1/2 month filing extension is available by filing a Form 5558 with the Department of Labor by the due date for the Form 5500. The employee benefits practice group at Ruder Ware can prepare the Form 5558 to extend your plan due date. Please notify us immediately by email or telephone if you believe any of your plans may need to be extended.

We can also assist you in the preparation and/or review of your Forms 5500, including the submission of any late Forms 5500 through the Delinquent Filer Voluntary Compliance ("DFVC") Program. Use of the DFVC program will cap your late penalties at the lesser of $10 per day, $2,000 per filing, or $4,000 per plan (for plans with over 100 participants). Contact us as soon as possible if you are unsure if all of your plans have been timely filed since their inception. The DFVC program is not available to plan sponsors after a notice regarding a late Form 5500 has been received from the Department of Labor.

Feel free to contact Mary Ellen Schill, if you need assistance with your Form 5500 filings or have questions. Mary Ellen can be reached at 715.845.4336. Thank you!

© 2003 Ruder Ware, L.L.S.C. Accurate reproduction with acknowledgment granted. All rights reserved.
This document provides information of a general nature regarding legislative or other legal developments. None of the information contained herein is intended as legal advice or opinion relative to specific matters, facts, situations, or issues, and additional facts and information or future developments may affect the subjects addressed.