July 31st is an important date on the employee benefits calendar.

This is for a number of reasons, including for purposes of filing an IRS Form 5500 annual report.

Employers need to file an IRS Form 5500 if they sponsor a 401(k), pension and 403(b) plan of any size.

Employers also need to file if they sponsor a health or welfare plan with 100 or more participants.

If your plan operates on a calendar year basis (as many plans do), then you must file an annual report (IRS Form 5500 or IRS Form 5500-SF) by July 31 for each plan.

As a reminder, the 100-participant threshold for determining whether a 401(k) or 403(b) plan may utilize an IRS Form 5500-SF instead of an IRS Form 5500 is changing!

For the 2022 annual reporting period the number is based on individuals who are eligible to participate in the plan regardless of whether they have elected to participate or have an account in the plan.

However, effective for plan years beginning on and after January 1, 2023, the 100-participant threshold will be based on the number of participants with account balances in the plan.

Thus, if your retirement plan has low participation, it is possible that you will need an audit for 2022, but not 2023.

If you need additional time to file your plans’ IRS Forms 5500 and 5500-SF, you should file an IRS Form 5558 for each plan on or before the regular IRS Form 5500 and 5500-SF due date and receive an automatic extension of 2½ months beyond the original deadline.

For example, a calendar-year plan’s IRS Form 5500 filing deadline of July 31 will be extended to October 15. The IRS Form 5558 needs to be filed on paper and mailed to IRS. You can use certain private delivery services designated by the IRS to meet the “timely mailing as timely filing” rule for tax returns. Go to www.irs.gov/PDS for the current list of designated services.

Your accountant or recordkeeper (TPA) may have already filed the IRS Form 5558 for you.

If you miss a deadline to file, you should contact your ERISA counsel to see if you are eligible to still file your IRS Form 5500 or 5500-SF through the Department of Labor’s Delinquent Filer Voluntary Compliance Program (DFVCP).