True or false; the filing deadline for Forms 5500 and the schedules (without extension) is the last day of the seventh month following the close of the plan year?

The assertion that the filing deadline for Forms 5500 and the accompanying schedules is the last day of the seventh month following the close of the plan year is accurate. This deadline is standard for most retirement plans, including 401(k) plans, ensuring that plan sponsors have adequate time to prepare and submit the necessary documentation in compliance with ERISA (Employee Retirement Income Security Act) requirements.

To elaborate, the filing date is set at seven months after the end of the plan year to allow plan administrators sufficient time to gather and report the data needed for these forms. For example, if a plan year ends on December 31, the form would be due by July 31 of the following year.

Extensions can be granted; however, the statement specifically asks about the deadline without an extension, which is indeed the last day of the seventh month after the close of the plan year. Hence, this statement is true for a wide array of plans and not limited to just small plans or specific types.