Form 5500

The IRS Form 5500 is for reporting a retirement plan's financial condition, investments and operations. This is so the government can make sure that nothing iffy is going on with the plan. (for example, there was a series of unusually large deposits into an account, suggesting potentially illegal activity). It is filed annually, depending on a date set by the plan.

The main part of the Form 5500 is two pages long and requests certain information about the plan, including its name, the date it first became effective, plan sponsor information, information about the plan administrator, a breakout of the number of participants in the plan at the end of the plan year, how the plan is funded or benefits are provided, the schedules that are attached to the Form, and specific characteristics of the plan (for example, if it provides matching contributions).

Depending on how big the plan is, we either file a 5500 short form (for plans with 100 or less participants) or a 5500-EZ form (for plans with greater than 100 participants). Here is an example of a form: