Understanding the 2010 Form 5500-EZ and Form 5500-SF

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 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 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 . 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 or Instructions for Form 5500-SF (PDF) for details.

Plans with fewer than 100 participants — Plans that are not one-participant plans and have fewer than 100 participants will file electronically using Form 5500-SF. For more information, see the Instructions for Form 5500-SF(PDF) or visit the EFAST2 web site .

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) or visit the EFAST2 web site 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?

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.

Understanding Forms 5500-EZ and 5500-SF

Note to employers

If you provided Fidelity with your employer (tax) identification number (EIN), then all of the plan’s assets held in a participant’s Fidelity Retirement Plan account are included on one statement.* In addition, a statement of each participant’s activity is enclosed for those participants listed under the same EIN. If we do not have your EIN, you should obtain Annual Valuation Statements from all the participants in your plan, since those statements have been mailed directly to the plan participants. You can use the Plan Information Form to provide us with your plan information, including your EIN.

An annual checkup for your retirement plan

As you prepare your Form 5500 tax filing, it’s a good time for a checkup of your administrative responsibilities and retirement plan needs. For general information, see our FAQ What are my basic responsibilities as plan administrator? Our Retirement Representatives are also available to answer your questions at 1-800-544-5373.

Other online resources

For detailed Form 5500 information, visit efast.dol.gov for help from the Employee Benefits Security Administration, US Department of Labor. To view your Fidelity monthly/quarterly statements, confirmations, and tax forms including your Annual Valuation Statement online, go to your Statements/Reports page. For other resources, see the FAQ, What other tax resources are available online?