Certified Plan Sponsor Professional (CPSP) Practice Exam

When is the deadline to submit Form 5500 to the IRS and DOL if no extension is requested?

1. Last day of the 4th month after the plan year

2. Last day of the 5th month after the plan year

3. Last day of the 6th month after the plan year

4. Last day of the 7th month after the plan year

The correct answer is: Last day of the 7th month after the plan year

The deadline to submit Form 5500, which is a requirement for employee benefit plans to report annual information concerning their operations and financial condition, is the last day of the seventh month after the end of the plan year. If a plan year ends on December 31, for example, the due date for the Form 5500 would be July 31 of the following year. It's important to note that while extensions can be requested, if no extension is filed, the standard deadline is indeed set at the end of the seventh month. This timeline is crucial for plan sponsors to adhere to, as timely filing ensures compliance with regulatory requirements established by the IRS and the Department of Labor (DOL). Failing to adhere to these deadlines could result in penalties. Other options refer to different timeframes that do not align with the regulations governing Form 5500 submissions. Understanding this specific deadline helps in planning and maintaining compliance for retirement and welfare benefit plans.