National Financial Services LLC (NFS) has prepared this information to help guide you through the forms required for filing Form 5500 for your Premiere Select® Retirement Plan.* NFS acts as agent for Fidelity Management Trust Company (FMTC), the trustee for your retirement account. A Form 5500 is generally required to be filed for each plan you maintain. The federal government may impose penalties for noncompliance with filing regulations. If you have any questions about your filing requirements, please consult your tax advisor, the IRS, or the Employee Benefits Security Administration (EBSA).
Plan administrators for Keoghs, defined benefit plans, corporate pension and profit sharing plans, certain 403(b) plans, and 401(k) plans must generally file a Form 5500 each year. Beginning with tax year 2009, the IRS and the Department of Labor (DOL) made significant changes regarding the Form 5500 filing options and/or requirements that may affect many small business plans.
All Forms 5500, other than Form 5500-EZ, must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2) . This electronic filing system includes Form 5500-SF, required for plans with more than one but fewer than 100 participants. A DOL EFAST help line is available at 1-866-GO EFAST (866-463-3278).
One-participant plans—As in past years, administrators of one-participant plans generally will use the Form 5500-EZ to satisfy certain annual reporting and filing obligations. Administrators must file this form on paper with the IRS. They may either complete and mail the online, fillable Form 5500-EZ or the official printed paper Form 5500-EZ, obtained from the IRS. For more information, see the Instructions for Form 5500-EZ (PDF) . Alternatively, administrators of eligible "one-participant plans" may choose to complete and file electronically Form 5500-SF. A one-participant plan is generally a business owner (or an owner and his/her spouse, if they are the only participants) or a plan for a business partnership (where the partners and their spouses are the only participants).
You do not have to file a Form 5500-EZ (or Form 5500-SF) for a plan year (other than the final plan year), if you meet the conditions for filing Form 5500-EZ, or for Form 5500-SF, and you have one or more one-participant plans that had total assets of $250,000 or less at the end of that plan year. Please refer to the IRS Instructions for 5500-EZ (PDF) or Instructions for Form 5500-SF (PDF) for details.
Plans with fewer than 100 participants—Plans that are not one-participant plans and have fewer than 100 participants will file electronically using Form 5500-SF. For more information, see the Instructions for Form 5500-SF (PDF) or visit the EFAST2 Web site .
Plans with 100 or more participants—Plans with at least 100 participants must file electronically using Form 5500. For more information on completing Form 5500, see the Form 5500 Instructions (PDF) or visit the EFAST2 Web site and/or consult your tax advisor.
For more information, see our FAQ, Who should file Forms 5500-EZ, 5500-SF, or 5500 and which form should I file?
NFS mails Annual Valuation Statements each year by April 30. With your statement in hand, the information in this guide may help you complete the forms required for filing your plan's Form 5500-EZ or Form 5500-SF. The federal government may impose penalties for noncompliance with filing regulations. Consult your tax advisor, the IRS, or the Employee Benefits Security Administration (EBSA) of the DOL with any questions.
Understanding Forms 5500-EZ and 5500-SF
Note to employers
If you have not received all plan participant Annual Valuation Statements directly, be sure to obtain them from the individual plan participants.
An annual checkup for your retirement plan
As you prepare your Form 5500 tax filing, it's a good time for a checkup of your administrative responsibilities and retirement plan needs. For general information, see our FAQ What are my basic responsibilities as plan administrator?
Other online resources
For detailed Form 5500 information, visit efast.dol.gov for help from the Employee Benefits Security Administration, U.S. Department of Labor.