At the end of last week, the IRS and PBGC issued limited guidance aimed at helping with filing deadlines. Both pieces of guidance focus on filings due between April 1 and July 15, which applies primarily to non-calendar year plans.
Notice 2020-23. The guidance extends the due date to July 15, 2020, for Forms 5500, which are due on or after April 1 and before July 15, 2020. This extension will be helpful to sponsors with non-calendar year plans with due dates that fall into that window.
PBGC Guidance. The PBGC guidance follows the IRS relief and extends filing deadlines and premium payments for retirement plan sponsors to July 15. Similar to the IRS relief, this guidance applies only to non-calendar year plans.
While we appreciate these first steps, we will continue to work with these agencies to expand deadlines for calendar year plans, as well as pursue our other agency requests.
If you have any questions or would like to discuss, please do not hesitate to contact me.
Article by Aliya Robinson, Senior Vice President of Retirement and Compensation Policy