Form 5500 Filing Extension Extended

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (H.R. 3236), signed by President Obama on July 31, 2015, extends the due date for many tax returns.

Among those of importance to retirement plans, the bill provides that the maximum extension for the returns of employee benefit plans filing Form 5500 shall be an automatic 3 1⁄2-month period ending on November 15 for calendar year plans. In addition, the maximum extension for the returns of organizations exempt from income tax filing Form 990 (series) shall be an automatic 6-month period ending on November 15 for calendar year filers.

The extensions are effective for returns for taxable years beginning after December 31, 2015.

The bill also extends a provision in prior pension reform allowing over-funded pensions to use their excesses to fund retiree health and life insurance benefits.

The Moving Ahead for Progress in the 21st Century Act (MAP-21), passed in July 2012, included a provision extending the ability of employers to transfer excess pension assets to fund retiree health benefits and expanding the provision to allow transfers for retiree life insurance. H.R. 3236 extend the time period for using these excess assets from 2021 to 2025.