Employers must file Form 5500 for health and welfare plans by the last day of the 7th month following the last day of the plan year, unless the small plan exception applies.
Who this applies to:
- Large employers with fully insured and self-funded health plans with 100 or more plan participants as of the first day of the ERISA plan year
- Small employers with level-funded health plans that pay benefits from a trust
Go Deeper:
This means plans that began Jan 1, 2023 must file by July 31, 2024, or can request a 2 ½ -month extension by filing Form 5558 before the plan's original due date. Governmental, church, or Indian tribal plans aren’t required to file a Form 5500 since those plans are exempt from ERISA and its requirements.
In addition, the plan administrator must give out the Summary Annual Report (SAR) within 9 months of the end of the plan year if they had to file 5500 in the first place. If a 5500 extension was filed, the employer must send the SAR within 2 months after the close of the period for which the extension was granted.
For instance, a calendar year plan has to distribute the SAR for the 2023 plan year by Sept. 30, 2024. But if the plan applied for an extension to the Form 5500 filing, the SAR is then due within 2 months after the filing.
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