A plan or GIA may obtain a one-time extension of time to file Form 5500 (up to 2½ months) by filing Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, on or before the normal due date (not including any extensions) of the return/report. Form 5558 must be filed with the IRS.
Approved copies of the Form 5558 will not be returned to the filer. However, a photocopy of the completed extension request that was filed must be attached to the Form 5500 when it is being filed
- Form 5558 should be filed with the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0027.
- Penalties may be applied for failure to file Form 5500 Returns
The Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) have consolidated certain returns and report forms to reduce the filing burden for plan administrators and employers. Employers and administrators who comply with the instructions for the Form 5500 and schedules will generally satisfy the annual reporting requirements for the IRS and DOL.
- Some plans participate in certain trusts, accounts, and other investment arrangements that file a Form 5500 as DFEs.
Plans covered by the PBGC have special additional requirements, including filing Annual Premium Payment (PBGC Form 1 Packages) and reporting certain transactions directly with that agency. See PBGC’s Premium Package (Form 1 Packages).