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Understanding the 2013 Form 5500 for Defined Contribution Plans

If you have a defined contribution plan, this guide may help you file your Form 5500-EZ or 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.

Every year by April 30, Fidelity mails and makes viewable online Annual Valuation Statements. These documents provide comprehensive information on your plan and can help you complete your respective Form 5500. It is important to complete your form carefully as the federal government may impose penalties for non-compliance with filing regulations. Consult your tax advisor, the IRS, or the Employee Benefits Security Administration (EBSA) of the DOL with any questions.

There are three types of Form 5500: Form 5500-EZ—for one-participant plans only; Form 5500-SF—for one-participant plans as well as for plans with less than 100 participants; and Form 5500—for plans with 100 or more participants.

All 5500 forms, with the exception of Form 5500-EZ, must be filed electronically using the DOL ERISA Filing Acceptance System (EFAST2). A DOL EFAST help line is available at 866-GO EFAST (866-463-3278).

One-participant plans
A one-participant plan covers a business owner with no employees. However, the plan can cover a business owner and his/her spouse, or a business partnership (where the partners and their spouses are the only participants).

If you have a one-participant plan, you have the option of filing either Form 5500-EZ or Form 5500-SF. If you decide to use Form 5500-EZ, it must be filed on paper with the IRS. It cannot be submitted electronically. You can either complete, print, and mail the form available online or obtain a blank paper copy from the IRS. For more information, see the Instructions for Form 5500-EZ (PDF).

In some cases, one-participant plans may not be required to file any 5500 forms. Generally, if the total plan assets are $250,000 or less, you may not need to file. Please refer to the IRS Instructions for Form 5500-EZ (PDF) or Instructions for Form 5500-SF (PDF) for more details on the various criteria that apply.

Plans with fewer than 100 participants
Plans that are not one-participant plans and have fewer than 100 participants must 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
Plans with at least 100 participants must file electronically using Form 5500. 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 on which 5500 forms to use, please see our FAQ, Who should file Forms 5500-EZ, 5500-SF, or 5500 and which form should I file?

Additional Information

Note to employers:

If you provided Fidelity with your employer (tax) identification number (EIN), then you’ll receive a comprehensive Annual Valuation Statement. This statement will provide information on each participant’s individual account as well as details on the overall group plan. If you did not provide Fidelity with your EIN, you may still be able to obtain this information by contacting your participants directly.

You can use the Plan Information Form (PDF) to provide us with your plan information, including your EIN.

An annual checkup for your retirement plan

Preparing your Form 5500 is also a good time to do a checkup of your administrative responsibilities and retirement plan needs. For general tips, 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. To view your Fidelity monthly/quarterly statements, confirmations, and tax forms including your Annual Valuation Statement online, go to your Statements/Reports (login required) page. For other resources, see the FAQ, What other tax resources are available online?

1a Name of plan

Enter the formal name of your company retirement plan.

1b Three-digit plan number (PN)

Enter your plan number (for example, your first plan is 001, your second is 002, etc.). You, the employer, assign the plan number.

1c Date plan first became effective

Enter the effective month, day, and year of the plan. The effective date is generally the first day of the plan year in which the plan was established. If the employer's business was not yet established on that date, the effective date will be the date on which the business was established.

2a Employer's name and address

Enter the employer name and address.

2b Employer Identification Number (EIN)

Enter your nine-digit Employer (Tax) Identification Number (EIN). If you do not have an EIN currently, please call the IRS at 800-829-4933 for information on how to obtain one. Enter the EIN on this form. Do not enter your Social Security Number (SSN).

2c Employer's telephone number

Enter the employer's telephone number.

2d Business code

3a - 3c Plan administrator's name, address, EIN, and telephone number

Enter the plan administrator's name and address, etc. If the same as the employer's, enter "same," and leave blank the remainder of 3a, 3b, and 3c.

4a-4b Name of trust and Trust's EIN (optional)

According to the IRS Instructions for Form 5500-EZ, "Although lines 4a and 4b are optional, the IRS encourages filers to provide [their] trust information on these lines."

6a-6b Total number of participants

Note that Form 5500-EZ may only be used by one-participant plans that are required to file an annual return, and that are not eligible or choose not to file the annual return electronically on Form 5500-SF. See the 5500-EZ Instructions (PDF) for more information.

Count your spouse (and your partners' spouses) only if they work in the business.

7 Total plan assets and liabilities & 8 Contributions received or receivable

Complete using your own records, your Fidelity account statements, and your Annual Valuation Statements as appropriate.

7a Total plan assets

Total plan assets include rollovers and transfers from other plans, unrealized gains and losses such as appreciation/depreciation in assets. Your Fidelity Annual Valuation Statement reports your plan's assets on a cash basis rather than an accrual basis. You may use either method, but should be consistent from year to year. Please consult your tax advisor for guidance.

7b Total plan liabilities

Plans using cash basis should have no liabilities. Do not include the value of future distributions that will be made to participants.

8a and 8b Contributions received (or receivable if using accrual basis)

Include the total cash contributions received by the plan from the employer (line 8a) and the plan participant (line 8b).

8c Contributions received or receivable from others

Enter the total of all other contributions, including transfers or rollovers received from other plans valued on the date of contribution.

9 Enter the applicable two-character feature codes from p. 7 of the Form 5500-EZ Instructions

If you are filing this report for your Profit Sharing Plan, enter "2E," "2R," and "3D." If you have a 401(k) feature on your Profit Sharing Plan, also enter "2J." If you are filing this report for your Money Purchase Pension Plan, enter "2C," "2R," and "3D." Be sure to refer to p. 7 of the Instructions for Form 5500-EZ (PDF) to determine what other codes may apply to your plan.

Part V

12 Is this a defined contribution plan subject to the minimum funding requirements of section 412 of the Code?

If your plan is a Money Purchase Plan, answer "yes" and complete lines 12a or 12b, 12c, 12d, and 12e, as applicable. If you have a Profit Sharing or a Self-Employed 401(k) plan, the answer to question 12 is "no."

1a Name of plan

Enter the formal name of your company retirement plan.

1b Three-digit plan number (PN)

Enter your plan number (for example, your first plan is 001, your second is 002, etc.). You, the employer, assign the plan number.

1c Effective date of plan

Enter the effective month, day, and year of the plan. The effective date is generally the first day of the plan year in which the plan was established.

2a Plan sponsor’s name and address

The plan sponsor is the employer offering the plan. Do not enter a Fidelity entity, e.g., Fidelity Investments or Fidelity Management Trust Company. Enter the employer’s name and address.

2b Employer Identification Number (EIN)

Enter your nine-digit Employer (Tax) Identification Number (EIN). If you do not have an EIN currently, please call the IRS at 1-800-829-4933 for a Form SS-4. Enter the EIN on this form. Do not enter your Social Security Number (SSN).

2c Plan sponsor's telephone number

Enter the employer's telephone number

2d Business code

3a - 3c Plan administrator's name, address, EIN, and telephone number

Enter the plan administrator's name, address, etc. If they are the same as the employer's, enter "same," and leave blank the remainder of 3a, 3b, and 3c.

5a-c Total number of participants

6a & b Plan Eligibility

7 Plan Assets and Liabilities & 8 Income, Expenses, and Transfers for this Plan Year.

Complete using your own records, your Fidelity account statements, and your Annual Valuation Statements as appropriate.

7a Total plan assets at the beginning and end of the plan year

Your Fidelity Annual Valuation Statement reports your plan's assets on a cash basis rather than on a modified cash or accrual basis. You must use one method consistently. Please consult your tax advisor for guidance.

7b Total plan liabilities at the beginning and end of the plan year

Plans using cash basis should have no liabilities.

8a Contributions received (or receivable if using accrual basis)

Include the total cash contributions received by the plan. Report employer contributions on 8a(1), (for self-employed 401(k) plans) participant contributions on 8a (2). and any other contributions (including rollovers from other plans) on 8a(3).

8b Other income (loss)

Include investment earnings net gain or loss from the sale of assets, and other income, such as unrealized appreciation (depreciation) in plan assets. See the Form 5500-SF Instructions (PDF) for more details.

8d Benefits paid

Provide distributions made to, or on behalf of, plan participants, including eligible rollover distributions.

9a Pension benefits

If you are filing this report for your Fidelity Profit Sharing Plan, enter "2E" and "2G." If you have a 401(k) feature on your Profit Sharing Plan, also enter "2J." If you are filing this report for your Money Purchase Pension Plan, enter "2C" and "2G" in these boxes. Be sure to refer to the IRS Instructions for Form 5500-SF (PDF), pp. 20-21 to determine what other codes may apply to your plan.

9b Welfare benefits

Leave blank.

Part V, Compliance Questions

According to the Form 5500-SF Instructions, one-participant plans should complete only question 10g.

If you have a multi-participant plan, please answer all of the Compliance Questions and provide the amounts for any of the questions that you have answered "Yes."

11 Is this a defined benefit plan subject to minimum funding requirements?

12 Is this a defined contribution plan subject to the minimum funding requirement?

If your plan is a Money Purchase Plan, answer "yes" and complete the portions of this question which apply to your plan. If you have a Profit Sharing or a Self-Employed 401(k) plan, the answer to question 12 is "no."

14a Name of trust and 14b Trust's EIN

According to the Form 5500-SF Instructions, "although Lines 14a and 14b are optional, the IRS encourages filers to provide [their] trust information on these lines."

Investment Earnings

Investment Earnings report total interest, dividends, and other related distributions received in 2013. Changes in account value due to other factors, such as market fluctuation, contributions, and distributions made by the plan, are not reflected.

Distributions

Distributions report total distributions made by the plan during 2013, whether made directly to the participant (or beneficiary) or as direct rollovers to another plan.

Cash Contributions

Cash contributions include only those contributions made to the plan during 2013.

*Assets held outside a Fidelity Retirement account are not reflected in the Annual Valuation Statement and are not considered plan assets.
The tax information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice. Fidelity does not provide legal or tax advice. Fidelity cannot guarantee that such information is accurate, complete, or timely. Laws of a particular state or laws that may be applicable to a particular situation may have an impact on the applicability, accuracy, or completeness of such information. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Fidelity makes no warranties with regard to such information or results obtained by its use. Fidelity disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Always consult an attorney or tax professional regarding your specific legal or tax situation.
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