IRS Employee Plans is publishing a series of articles to help plan sponsors and taxpayers properly maintain and administer their retirement plans. This article covers the upcoming filing deadlines that apply to most retirement plans.
Plan Filing Deadlines
• The 2019 Form 5500 is due on July 31, 2020, for calendar year plans. Plan sponsors who file Form 5558 by July 31, 2020, get an automatic 2 ½-month extension of time to file. The plan sponsor will also be granted an automatic extension of time to file Form 5500 through the due date of its federal income tax return
o if the plan year and the plan sponsor’s tax year are the same, and
o the plan sponsor has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500.
• The deadline for adopting a pre-approved defined benefit plan for the 2nd six-year remedial amendment cycle was extended to July 31, 2020. You must adopt a restated plan by that date to keep pre-approved defined benefit plan status. The deadline to file an individual determination letter request for pre-approved defined benefit plans was also extended to July 31, 2020. See Notice 2020-35 (PDF) for more details.
• The deadline to file a determination letter application for an individually designed statutory hybrid plan is August 31, 2020. See Rev. Proc. 2019-20 for more details.
• Form 5330 may be due on July 31, 2020, for a calendar year-based plan that must pay an excise tax. Generally, excise taxes filed on Form 5330 are due on the last day of the 7th month after the end of the plan sponsor’s tax year. Form 5558 may be filed to get a 6-month extension to file Form 5330. However, the extension to file Form 5330 does not extent the time to pay the excise taxes.
Employee Plan Compliance Resolution System (EPCRS)
• The correction programs under EPCRS are available to help plan sponsors correct mistakes in their qualified plans, 403(b) plans, and SEP and SIMPLE IRA plans for operational and plan document failures related to their plans.
o Self-Correction Program: SCP is available to correct operational failures and certain plan document failures.
o Voluntary Correction Program: VCP is available to correct all operational and plan document failures.
The voluntary closing agreement program is available to correct mistakes in plans not covered by EPCRS.
Find answers to many retirement plan questions on IRS.gov at Retirement Plans and Retirement Plan Forms and Publications.
If you need help with an account-specific question, basic information about retirement plan forms or the status of pending applications, call our Customer Account Services at 877-829-5500.