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Regulatory Filings for Retirement Plans

Congruent is the finest pension administration software provider, and once you are with form 5500 filing, a summary annual report should be distributed to the participants.

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Regulatory Filings for Retirement Plans

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  1. Regulatory Filings for Retirement Plans By Congruent Solutions © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

  2. An employee benefit retirement plan must be maintained as a part of government filings. As part of Section I of the Employee Retirement Income Security Act, the Department Of Labor and Internal Revenue Service mandate that the plan sponsor of 401(k) plans submit a pension administration software vendor's Form 5500 filing each year. Information about plans is to be provided to the federal government via the Form 5500 filing. Although it may seem complicated, most businesses find the process to be rather straightforward since service providers frequently submit the Form 5500 on their behalf. Plan sponsors do, however, have a fiduciary obligation to make sure the data presented on the Form 5500 is accurate and up-to-date. So here’s some heads up about Form 5500: The form 5500 is about three types: Form 5500: In this plan, detailed information about the plan’s financial status, operations, participant count, and investments is provided. And it is called an annual return or report. Form 5500-SF: An abbreviated version of the Form 5500 plans with fewer than 100 participants on the first day of the plan year is eligible for it. Form 5500-EZ: This form is used by individuals seeking one-participant plans or solo 401k plan compliance testing, and it applies to the company owners and their respective spouses. Choosing the right form is crucial because it determines whether your plan will undergo an audit or not. A plan with 100 plus participants on the first day of the year is considered a large plan. And large plans are required to file a Form 5500. A plan with fewer than 100 participants on the first day of the plan year is considered a smaller plan. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

  3. Congruent is the finest pension administration software provider, and once you are with form 5500 filing, a summary annual report should be distributed to the participants. And this report consists of the value details of the company assets, the cost of administration and the distributions that are paid to the benefits and beneficiaries. Always be cautious of the penalties for late filings. Make sure your retirement plan is in compliance and save you money at the same time to ensure your financial independence. As part of its retirement plan administration services, Congruent protects and secures data by encrypting it and preventing it from being breached. © 2020-2021 All Rights Reserved, No part of this document should be modified / used without prior consent. Congruent Solutions

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