RPF M5 U6 Annual Reporting

Question 1

What annual forms must the plan administrator and/or plan sponsor file?

Answer 1

Among the most common and most important are the Form 5500, Form 8955-SSA, Form 1099-R, and Form 945.

Question 2

What is the summary annual report?

Answer 2

The SAR is a synopsis of the information reported on the plan’s annual Form 5500 series filing, including financial accounting of the plan. It is provided to participants and beneficiaries.

The SAR must be provided prior to 9 months after the close of the plan year, or if the Form 5500 filing deadline is later than that (including extension), the SAR must be provided 2 months after the due date of the Form 5500 series return.

Question 3

What are the deadlines for filing Forms 5500 & 5558?

Answer 3

Form 5500 and appropriate schedules must be filed with the EBSA within 7 months following the plan year-end (9½ months if a Form 5558 extension is filed).

Question 4

What is the Employee Benefits Security Administration (EBSA)?

Answer 4

The EBSA is the division under the DOL that administers the nontax (regulatory and administrative) and fiduciary provisions of ERISA.

Question 5

What is Form 5500?

Answer 5

The Form 5500 is an annual return/report filing for a plan that reports information to the IRS, DOL, and PBGC.

Question 6

What is Form 8955-SSA?

Answer 6

Form 8955-SSA is used to report deferred vested benefits to the IRS and is filed by the last day of the seventh month following the plan year-end.

Question 7

What is Form 1099-R?

Answer 7

Form 1099-R reports all distributions made to participants from qualified retirement plans and must be provided to participants by January 31st of the year following the distribution.

Question 8

What is Form 945?

Answer 8

Form 945 provides details to the IRS regarding the tax withholding liabilities of the plan/payer each calendar year and must be filed by January 31st.

Question 9

What is the purpose of the Summary Annual Report (SAR)?

Answer 9

The SAR discloses essential financial information contained in the Form 5500 filing to participants and beneficiaries.

Question 10

What are the filing deadlines for Form 5500?

Answer 10

The Form 5500 is generally due on the last day of the seventh month following the end of the plan year.

Question 11

What is the 80-120 rule?

Answer 11

The 80-120 rule allows a plan with 80 to 120 participants at the beginning of the plan year to file as the same category (large or small) as the prior year.

Question 12

What is the annual Form 5500 series filing?

Answer 12

It includes financial accounting of the plan and is provided to participants and beneficiaries.

Question 13

When must the SAR be provided?

Answer 13

The SAR must be provided prior to 9 months after the close of the plan year, or 2 months after the due date of the Form 5500 series return if the filing deadline is later.

Question 14

What are the deadlines for filing Form 5500?

Answer 14

Form 5500 and appropriate schedules must be filed with the EBSA within 7 months following the plan year-end, or 9 months if a Form 5558 extension has been filed.

Question 15

Where can I find more information on required annual forms?

Answer 15

See the following resources:

1. Form 8955-SSA Resources: https://www.irs.gov/Retirement-Plans/Form-8955-SSA-Resources
2. Instructions for Forms 1099-R and 5498 (2023): https://www.irs.gov/instructions/i1099r/
3. About Form 945, Annual Return of Withheld Federal Income Tax: https://www.irs.gov/forms-pubs/about-form-945