If you’ve just realized a Form 5500 filing was missed, you’re not alone and out of options. Many businesses discover too late that a retirement or welfare benefit plan wasn’t correctly reported to the Department of Labor (DOL). Still, the good news is: there’s a way to fix it and avoid massive penalties.

The Delinquent Filer Voluntary Compliance Program (DFVCP) is your best chance to reduce risk, avoid costly fines, and quietly get back into compliance. But timing matters. Here’s what you need to know—and how BC2 can help.

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What Happens If You Miss a Form 5500 Filing Deadline?

The Form 5500 is a mandatory annual report required by the Employee Retirement Income Security Act (ERISA). If your company sponsors a retirement plan or welfare benefit plan (like health, dental, or vision coverage), you’re required to file it—even if the plan is small or inactive.

⚠️ Penalties for Missing a Form 5500:

  • Up to $2,586 per day late (as of 2024, adjusted annually)

  • No maximum cap if the DOL initiates enforcement

  • Risk of audits, plan disqualification, or loss of fiduciary protection

In short: ignoring it doesn’t make it go away—and the longer you wait, the more expensive it gets.

What Is the DFVCP Program?

The DOL established the Delinquent Filer Voluntary Compliance Program (DFVCP) to encourage late filers to come forward before they are audited.

It’s designed to help employers:

  • Voluntarily correct late or missed Form 5500 filings

  • Significantly reduce penalties

  • Avoid triggering a formal DOL investigation

When used properly, the DFVCP can reduce penalties from tens of thousands of dollars to as little as $750.

How the DFVCP Program Saves You Money

Let’s look at a real-world example:

Scenario: You missed two years of Form 5500 filings for a welfare plan.

  • Without DFVCP, you could face $100,000+ in DOL penalties.

  • With DFVCP, the total penalty might be capped at $1,500.

That’s over $98,000 saved—just by using the program proactively.

The catch? Once the DOL initiates an audit or sends you a notice, you can no longer use DFVCP. It’s a now-or-never option.

Are You Eligible for the DFVCP Program?

To use DFVCP, you must:

  • Be an employer or plan administrator required to file Form 5500

  • Have missed one or more filings for eligible plans

  • Not contacted by the DOL about the missing filings

Learn more about DFVCP services

Steps to File Through DFVCP

  1. Identify missing or late filings

  2. Prepare and submit Form 5500 for each plan year using EFAST2

  3. Pay the reduced DFVCP penalty online through the DOL’s payment system

  4. Document everything to prove compliance if ever reviewed

The process is straightforward in theory, but the technical details, form requirements, and penalty structures can get complicated. That’s why most employers trust experienced compliance providers like BC2 to do it right the first time.

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Why Employers Choose BC2 for DFVCP Filing

At BC2, we’ve helped hundreds of businesses navigate late Form 5500 filings and get back on track—fast, affordably, and discreetly.

Here’s what sets us apart:

  • Expertise in DFVCP eligibility and DOL compliance rules

  • Fast and accurate Form 5500 preparation

  • Support for both retirement and welfare benefit plans

  • Full transparency and peace of mind from start to finish

We don’t just help you file—we help you move forward.

Don’t Wait—The Sooner You Act, the More You Save

The DFVCP is a rare opportunity to correct compliance issues without significant consequences—but only if you act before the DOL does.

If you know (or even suspect) a filing was missed, now is the time to fix it. Delaying could eliminate this option entirely.

Need Help With DFVCP? Start Here.

BC2 specializes in helping businesses file late Form 5500s and take advantage of the DFVCP program. We make it easy, accurate, and penalty-proof.

Learn more about our DFVCP services

Or contact us today for a quick, confidential consultation.

Top 3 Signs You Need DFVCP Help Now

  1. You discovered a Form 5500 wasn’t filed for a plan year

  2. You’re unsure if previous filings were submitted correctly

  3. You want to fix the issue quietly before the DOL contacts you