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 need to file the standard Form 5500 if your plan:
Has more than 100 eligible participants with a balance at the beginning of the plan year
Filed a Form 5500 in the previous filing year
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 will need to file the Form 5500-SF (Short Form) if your plan:
Has fewer than 100 eligible participants with a balance at the beginning of the plan year
Filed the Form 5500-SF last year and has between 80-120 eligible participants with a balance at the beginning of the plan year
You will need to 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
Note: Although you might have filed the Form 5500-SF previously you’ll need to file 5500-EZ for this plan year
What’s the difference between these forms?
Compared to the Form 5500, Forms 5500-SF and EZ have summarized financial information sections and no additional schedules to attach.
If you’re a Guideline plan sponsor, we will determine the appropriate form that needs to be filed and complete the filing process for your plan.
For additional information and answers to common questions about filing, review our Form 5500 guide.