Plan administrators for Keoghs, defined benefit plans, corporate pension and profit sharing plans, certain 403(b) plans, and 401(k) plans must generally file a Form 5500 each year. Beginning with tax year 2009, the IRS and the Department of Labor (DOL) made significant changes regarding the Form 5500 filing options and/or requirements that may affect many Fidelity small business plans.
All Forms 5500, other than Form 5500-EZ, must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2) 
. This electronic filing system includes a Form 5500-SF, required for plans with more than one, but fewer than 100 participants. A DOL EFAST help line is available at 1-866-GO EFAST (866-463-3278).
Form 5500-EZ Availability — The IRS made the 2010 Form 5500-EZ available on June 11, 2011. Other than the change of year, the 2010 version of the Form 5500-EZ contains no material changes in comparison with the 2009 Form 5500-EZ . We have nevertheless updated this guide in order to make reference to the 2010 Form 5500-EZ.
One-participant plans — As in past years, “one-participant plan” administrators generally will use the Form 5500-EZ (PDF) This content will appear in a pop-up window. to satisfy certain annual reporting and filing obligations. Administrators must file this form on paper with the IRS. They may either complete and mail the online, fillable 2010 Form 5500-EZ (PDF) This content will appear in a pop-up window. or the official printed paper Form 5500-EZ, obtained from the IRS. For more information, see the Instructions for Form 5500-EZ (PDF) This content will appear in a pop-up window.. Alternatively, administrators of eligible “one-participant plans” may choose to complete and file electronically Form 5500-SF. A one-participant plan is generally a business owner (or an owner and his/her spouse, if they are the only participants) or a plan for a business partnership (where the partners and their spouses are the only participants).
You do not have to file a Form 5500-EZ (or Form 5500-SF) for a plan year (other than the final plan year), if you meet the conditions for filing Form 5500-EZ, or for Form 5500-SF, and you have one or more one-participant plans that had total assets of $250,000 or less at the end of that plan year. Please refer to the IRS Instructions for Form 5500-EZ (PDF) This content will appear in a pop-up window. or Instructions for Form 5500-SF (PDF) This content will appear in a pop-up window. for details.
Plans with fewer than 100 participants — Plans that are not one-participant plans and have less than 100 participants must file electronically using Form 5500-SF. For more information, see the IRS/DOL Instructions for Form 5500-SF (PDF) This content will appear in a pop-up window. or visit the EFAST2 web site . Opens in a new window..
Plans with 100 or more participants — Form 5500 must be completed by plans with 100 or more participants. Beginning with tax year 2009 it may only be completed and filed electronically. For more information on completing Form 5500, see the Form 5500 Instructions (PDF) This content will appear in a pop-up window. visit the EFAST2 web siteThis content will appear in a pop-up window., and/or consult your tax advisor.
For more information, see our FAQ, Who should file Forms 5500-EZ, 5500-SF, or 5500, and which form should I file?. Opens in a new window.. Opens in a new window.
Fidelity mails Annual Valuation Statements each year by April 30. With your statement in hand, the following information may help you complete the forms required for filing your plan’s Form 5500-EZ or Form 5500-SF. The federal government may impose penalties for noncompliance with filing regulations. Consult your tax advisor, the IRS, or the Employee Benefits Security Administration (EBSA) of the DOL with any questions.
Summary Annual Report – REMINDER: If you have participants other than yourself in your plan, you must also distribute a Summary Annual Report within nine months after the closing date of the plan year to all participants and to any beneficiaries who are receiving benefits. For a sample Summary Annual Report, call a Fidelity Retirement Representative at 1-800-544-5373.
