QKA 2 Unit 7 Form 5500 Flashcards
One participant plans may choose to file what type of form 5500?
5500 EZ
Small plans may file what?
form 5500 or a Form 5500-SF
All large plans are required to file what?
Form 5500
The form 5500 EZ is for whom?
Owners of a company and their spouses
A form 5500 EZ is not required to be filed if the owner only Plan has less than what amount of assets?
$250k
If a small business has more than 100 employees as of the first day of the plan year, it may file as a small plan file, true or false
The 80-120 rule aside, false, it would file a regular form 5500
A small plan holds employer securities is it able to file the 5500 SF?
It is not
According to the 80-120 transition rule, a plan that starts out as a small plan filer with under 100 employees may continue to file as a small plant filer if it’s participant count does not go above what number?
120
A newly established plan with a Participant count of 100 must file is what?
A large plan
According to the 80–120 rule a plan that has filed historically as a large filer may file as a small filer if their employee count goes below what number? And must file as a small filer if their purchase bank count goes below this number.
100
80
To use the form 5500 SF, a company must have fewer than 100 participants on the first day of the plan year. What are three other criteria?
1)No employer securities in the plan
2)All assets have a determinable market value
3)The plan is a not part of a MEP
Which plans must file schedule A? What does it list?
Only plans that contain insurance policies
Name of the insurance carrier, contract info, premiums, and commissions paid on the contract
How does a Plan Administrator get the information needed to file a schedule A?
The insurance company is required to provide this information to the plan
Are 5500 EZ and SF filers required to file schedule A? If not, why?
No, they are required to keep this information on file, only Large Plan, 5500 filets are required to file
What is schedule C? Who is required to file it and why is it filed?
1) schedule C discloses amount paid from the plan to service providers.
2) Large plans where service providers receive $5000 + in compensation from a plan
What is schedule D and which companies must file?
Schedule D contains information on Direct Filing entities
Large plans that have investments in Direct Filing entities
What are Direct Filing entities?
Investment structured, similarly to mutual funds but not subject to public disclosure rules
What is schedule G and which plans must file it?
Schedule G is used to report loans and leases that are in default and prohibited transactions.
Large Plans
What is schedule H and which plans must file it?
Schedule, H, communicates
balance sheet
income statement
accountant opinion
compliance questions
All Large Plans must file a schedule H
What is schedule I and which plans must file it?
Schedule shows financial information about the plan. It is much less expensive than schedule H.
This schedule is only required to be filed by small plan filers
What is schedule R and which plans must file it?
The schedule provides information on
1) entities providing distributions
2) ESOP
3) funding of plans with required contributions
rEEF
This is used for large and small plans at 5500. There are caveats.
What are the caveat for a schedule R filing requirement?
It is required when:
1) recordkeeper distributions w/recordkeepers EIN
2) ESOPs & MPPs
3) distributions of non-marketable property
The DOL is required to publicly display certain information for the form 5500 on his website in how many days after filing?
90 days
The Filing is performed using the EFAST 2 system. What does EFAST stand for?
ERISA Filing acceptance
What is the filing deadline?
The last day of the seventh month, following the close of the plan year
Even though the filing deadline for the 5500 and the 8955 SSA are exactly the same do they need to be filed at the same time?
They do not need to be filed at the same time the 5500 is filed with the department of labor and the 8955 SSA is filed with the IRS