---
title: "A Fresh Look at Your Form 5500 Filing"
date: 2016-04-05
author: "Site Admin"
featured_image: "https://pinnacle-plan.com/wp-content/uploads/2016/04/Plan-Document-Icon.avif"
categories:
  - name: "Newsletters"
    url: "/category/newsletters.md"
---

# A Fresh Look at Your Form 5500 Filing

View This Newsletter: [A Fresh Look at Your Form 5500 Filing](http://pinnacle-plan.com/wp-content/uploads/2016/04/2016-Benefit-Insights-April-A-Fresh-Look-at-Your-Form-5500-Filing.pdf)

Overview:

If your firm has a profit sharing plan, a 401(k) plan or some other tax-qualified retirement plan, then you have been given a Form 5500 to sign and file every year since your business adopted the plan. This newsletter explains the purpose of the Form 5500, how the data is used by various governmental agencies, and the importance of the accuracy of the data.

- How is the Form 5500 Data Utilized? 
    - IRS: All about tax compliance
    - DOL: Focuses on protecting the right and benefits of participants
    - PBGC: Protects pension benefits in private-sector defined benefit plans
- Which Plans Are Considered “Small”? 
    - Less than 100 participants on the first day of the plan year
- Which Plans Need an Accountant’s Audit? 
    - Large plans must engage an independent qualified public accountant to audit the plan each year
- What is the Due Date for Filing the Form 5500? 
    - Within 7 months after the close of the plan year
    - Can be extended 2 1/2 months
- What’s New on the 2015 Form 5500? 
    - New compliance questions
- What Information was the IRS Attempting to Collect? 
    - Information about non-discrimination testing, plan amendments and other benefit distribution and income details
- Is This Information Readily Available? 
    - In some cases, yes, but not always
- Why Wouldn’t the Preparer Want to Show His or Her Information on the Filing? 
    - Public disclosure of the information
- What are Some Questions That are Significant to Filers? 
    - Employer Contributions
    - Making Benefit Payments When Due
    - Timely Deposit of Participant Contributions
- What Information Must be Reported to the Plan Participants? 
    - Summary of the Form 5500, called a summary annual report (SAR)
- Conclusion 
    - In the end, all parties want the same result: a correctly operated employee benefit plan

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Pinnacle Plan Design is a third-party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting for 401(k)/profit-sharing plans, defined benefit plans, cash balance plans, and 403(b) plans. Pinnacle Plan Design proudly serves businesses nationwide.