Form 5500 Reporting Information
2021 Plan Year
The Internal Revenue Service (IRS) and the Department of Labor (DOL) require most—but not all—employee benefit plans to file some version of the Form 5500 report each year.
- All Form 5500, Annual Returns/Reports of Employee Benefit Plan and Form 5500-SF, Short Form Annual Returns/Reports of Small Employee Benefit Plan, along with any required schedules and attachments, must be completed and filed electronically using EFAST2-approved third-party software or using IFILE.
- For information on completing and filing forms electronically through EFAST2 or using IFILE, see the EFAST2 FAQs and publications that are provided as a link on the DOL website at dol.gov/agencies/ebsa.
Form 5500-EZ generally is required for all one-participant plans, including plans with owners, business partners, and spouses. You do not have to file the Schedule MB (Form 5500) or Schedule SB (Form 5500) with the 2021 Form 5500-EZ; however, you are still required to both perform an annual valuation and maintain the funding records associated with plan funding in the same manner as a plan for which the applicable schedule must be filed. For guidance on which Form 5500 to use and which schedules to file, refer to the Form 5500 Version Selection Tool at https://www.askebsa.dol.gov/FormSelector/.
If you choose to file a paper copy of Form 5500-EZ it should be mailed to: Department of the Treasury Internal Revenue Service, Ogden, UT 84201-0020.
- You may call 1-800-TAX-FORM 1-800-829-3676 to order Form 5500-EZ and instructions or obtain them from the IRS website at irs.gov. Be sure to allow several weeks for mailing time.
The annual report must be filed by the last day of the seventh month after the end of the plan year. The DOL and the IRS may impose significant penalties for plans failing to meet the filing deadline and for incomplete or inaccurate filings. An extension of time to file the annual report may be available--refer to the form instructions for information and for details about extended filing deadlines.
- A final annual return (on Form 5500, Form 5500-SF, or Form 5500-EZ, as applicable) must be filed for a plan's final plan year. Note that if the plan is terminated, the filing deadline is the last day of the seventh month after the later of the date the plan was terminated or the date the trust was liquidated. If all of a plan's assets are transferred to another plan, the filing deadline is the last day of the seventh month after the date of transfer.
The following guidelines are provided as a general overview of the Form 5500 series requirements. To determine which Form 5500 your plan is required to file, refer to the IRS and DOL Form 5500 series forms and instructions.
|Plan Type||Number of Plan Participants||Filing Required?||Form Version*|
|Profit Sharing or Money Purchase Pension Plans||Sole Proprietor (or sole proprietor and spouse)||Yes, if combined plan assets are greater than $250,000||5500-EZ or 5500-SF|
|Multiple Employees||Yes||5500 or 5500-SF|
|Individual 401(k)||N/A||Yes, if combined plan assets are greater than $250,000||5500-EZ or 5500-SF|
|ERISA 403(b)||Multiple Employees||Yes||5500 or 5500-SF|
Form 5500-EZ is generally required for all one-participant plans, including plans with owners, business partners, and spouses.
- Form 5500-SF generally may be used by small plans with less than 100 participants (including owners, business partners, and spouses) regardless of the amount of combined assets in all the employer's plans.
- Form 5500 is required for all large plans with multiple participants (other than owners, business partners, and spouses) regardless of the amount of combined assets in all the employer's plans.
These guidelines include information specific to Profit Sharing and Money Purchase Pension Plans, Individual 401(k) Plans, and ERISA 403(b) Custodial Accounts.
Sponsors of large retirement plans (generally 100 or more participants) should hire a certified public accountant for audit and Form 5500 series filing assistance.
Plan-level reports, for use in preparing the Form 5500 filings, are available on Plan Sponsor Web (PSW). To enroll in PSW—our free, Web-based service for retirement plan sponsors—please use the online enrollment tool at troweprice.com/plansponsorweb.
2021 Schedule C reporting requires reporting for direct and indirect compensation received by service providers.
For additional information, or for information on T. Rowe Price service provider fees and compensation, please call us at 1-800-492-7670.
This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice.