Any employer, plan administrator, third party administrator, plan sponsor etc. knows how many moving parts there are to meeting reporting deadlines and complying with IRS rules and regulations. Apparently the IRS does as well, and it has updated “Retirement Plan Reporting and Disclosure Requirements,” a detailed guide that provides information concerning reporting requirements and deadlines.
The IRS intends it to be a quick reference tool for basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and ERISA. The Guide is not intended to be an exhaustive list. The IRS adds that it is best used in conjunction with the DOL Retirement Plan Reporting and Disclosure Guide.
The IRS guide provides information on the following:
• Annual reports to the IRS: Forms 5500, 5500-EZ, 9855-SSA, 5558 and 1099-R.
• Annual notices to participants: individual statements to separated participants with deferred vested retirement benefits, notices of effective opportunity to make or change cash or deferred election, 401(k) safe harbor notices, simple IRA election notices, qualified automatic contribution arrangement notices, eligible automatic contribution arrangement notices.
• Occasional reporting to the IRS based on plan events: Forms 5330, 5310-A, 5308 and 8886-T.
• Occasional notices to participants based on plan events: notices for interested parties, 401(k) safe harbor discontinuances, funding waiver applications, amendments that significantly reduce the rate of future benefit accruals, reduction in adjustable benefits for multiemployer plans in critical status, transfer of excess pension assets to retiree health benefit or life insurance account, endangered or critical status for multiemployer plans, requests for extension of amortization period for multiemployer plans and election to remain under prior vesting schedule.
• Occasional Notices to Participants Based on Participant Events: explanations of income tax withholding requirements, automatic rollovers, right to diversify investments in employer securities, domestic relations order, qualified domestic relations orders, qualified joint and annual survivor annuities and qualified preretirement survivor annuity explanation; notices of suspension of benefit upon reemployment of retiree and eligible r rollover distributions.
The IRS intends it to be a quick reference tool for basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and ERISA. The Guide is not intended to be an exhaustive list. The IRS adds that it is best used in conjunction with the DOL Retirement Plan Reporting and Disclosure Guide.
The IRS guide provides information on the following:
• Annual reports to the IRS: Forms 5500, 5500-EZ, 9855-SSA, 5558 and 1099-R.
• Annual notices to participants: individual statements to separated participants with deferred vested retirement benefits, notices of effective opportunity to make or change cash or deferred election, 401(k) safe harbor notices, simple IRA election notices, qualified automatic contribution arrangement notices, eligible automatic contribution arrangement notices.
• Occasional reporting to the IRS based on plan events: Forms 5330, 5310-A, 5308 and 8886-T.
• Occasional notices to participants based on plan events: notices for interested parties, 401(k) safe harbor discontinuances, funding waiver applications, amendments that significantly reduce the rate of future benefit accruals, reduction in adjustable benefits for multiemployer plans in critical status, transfer of excess pension assets to retiree health benefit or life insurance account, endangered or critical status for multiemployer plans, requests for extension of amortization period for multiemployer plans and election to remain under prior vesting schedule.
• Occasional Notices to Participants Based on Participant Events: explanations of income tax withholding requirements, automatic rollovers, right to diversify investments in employer securities, domestic relations order, qualified domestic relations orders, qualified joint and annual survivor annuities and qualified preretirement survivor annuity explanation; notices of suspension of benefit upon reemployment of retiree and eligible r rollover distributions.
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