The Form 5500 Series is part of the reporting and disclosure requirements under the Employee Retirement Income Security Act (ERISA). Plan sponsors must complete Form 5500 filing to provide the government with details about their plan’s financial data, investments, and operations.
There are a few variations of Form 5500, and the one you file will typically depend on the size of your plan. Here’s a quick guide to help you understand the form that should be used for your plan.
Which Form 5500 is needed?
You will file the standard Form 5500 if your plan:
Has more than 100 participants with a balance at the beginning of the plan year and 1) you filed a Form 5500 in the previous filing year or 2) this is the first filing for the plan; or
Filed the Form 5500-SF last year, but now have over 120 eligible participants with a balance at the beginning of the plan year
You can file the Form 5500-SF (Short Form) if your plan:
Has fewer than 100 participants with a balance at the beginning of the plan year, or
Filed the Form 5500-SF last year and has between 80-120 eligible participants with a balance at the beginning of the plan year
Note that there are other requirements to file a Form 5500-SF that all Guideline plans meet (e.g., no Guideline plans are invested in employer securities).
You will file the Form 5500-EZ if your plan:
Is a one-participant 401(k) plan. A one-participant plan is a plan that covers only:
An owner who owns the entire business and their spouse
One or more partners in a business partnership and their spouses
If any other individuals are covered by the plan, including parents, children, or siblings, the plan is not a one-participant plan.
What’s the difference between these forms?
The standard Form 5500 is for larger plans and requires an audit. Forms 5500-SF and EZ are much shorter and have summarized financial information sections with no additional schedules to attach.
Will Guideline tell me which Form 5500 to file?
If you’re a sponsor for a Guideline plan, we will determine the appropriate form that must be filed and complete the filing process on your behalf.
If you are required to file a standard Form 5500, we will also notify you about the need for an audit so you can find a third-party auditor. Guideline does not complete or arrange for plan audits, but you can learn more about the requirements here.
For additional information and answers to common questions about filing, review our Form 5500 guide.