Plan Sponsors: Don’t Miss Upcoming Deadlines
As you know, the “Plan Sponsor is responsible for ensuring that its plan operates in compliance with the rules related to qualified plans.” 1 That, in turn, means, you are held accounting to the IRS’ filing requirements.
Please use the following checklist as a tool to assist you in meeting these requirements. This checklist is not intended to be all-inclusive and does not apply to government plans or non-electing church plans. Please visit www.irs.gov for a full list and explanation of your filing requirement.
| Form | Why | Due to IRS |
| Form 5500 or 5500-EZ | A plan sponsor/administrator of an employee benefit plan subject to ERISA must file information about each plan every year.
A Form 5500-EZ may be filed for a plan that provides benefits solely for an individual (and spouse) who wholly owns a business/partnership. | By the last day of the 7th month after the end of the plan year |
| For W-2 and Form W-3 | Reports wages and the amount of elective deferrals for a 401(k) plan. | February 28 the following calendar year |
| Required to be filed when applicable: | ||
| Form 990-T | Used to report gross unrelated business income of $1,000 or more.
Deposits of the tax must be made at specified times during the tax year. | By the 15th day of the 4th month after the end of the tax year |
| Form 1099-R | Used to report distributions, including direct rollovers, from qualified plans. | By February 28 of the year following the calendar year of the distribution |
| Form 5310-A | Used to inform the IRS of plan merger or consolidation, spinoff or transfer of plan assets or liabilities. | At least 30 days prior to plan merger, consolidation, spinoff, or transfer of plan assets to another employer. |
| Form 5558 | Provides a 2 ½ month extension to file the Form 5500 or 5500-EZ; a 6-month extension to file Form 5330. | By the last day of the 7th month after the end of the plan year for a 5500 extension; before otherwise due for a 5330 extension. |
*Information pulled from www.irs.gov Please visit IRS 401(k) Resource Guide for full schedule and detail
1 https://www.irs.gov/retirement-plans/plan-sponsor/401k-resource-guide-plan-sponsors-filing-requirements
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