Guidance for Special Types of Businesses
Operating Your Retirement Plan
Once your retirement plan is in operation it’s important to have a comprehensive, ongoing program of review so that the plan stays within the law and the benefits of the plan are available to its participants as well as the plan sponsor, your business. There are so many possible ways that a retirement plan can be written that it isn’t possible to have a one-size-fits-all checklist of the steps a plan sponsor needs to take when reviewing their plan. However these resources will help you get started:
- A Guide to Common Qualified
Plan Requirements describes major areas
of retirement plan operations to take into consideration
for sponsors of such plans as 401(k) and
defined
benefit plans.
- Both the IRS and the U.S. Department of Labor web sites have a wealth of up-to-date information to help plan sponsors and benefits professionals keep their plans operating smoothly.
- Has your retirement plan had its checkup this year? Use these one-page tools to help you review your IRA-funded plan and keep it in compliance with the law.
- Small business owners could adopt SARSEP plans before 1997. If you have a SARSEP plan, here is information to help you run your plan.
- Retirement
Plans for Small Business (SEP, SIMPLE, and Qualified Plans), Publication
560 and Individual Retirement Arrangements (IRAs), Publication
590 have information that will help
you operate your retirement plan.
- If you have a qualified plan such as a 401(k) or defined
benefit plan, your plan document will spell out how the plan
should
be operated.
- Examination Guidelines
The Employee Plans Examination Guidelines provide guidance on specific technical topics of particular interest relating to qualified retirement plans. These guidelines are used by IRS Employee Plans agents. (Please note that portions of these guidelines may be inaccurate due to laws issued after the guidelines were issued.) You may find the Examination Guidelines helpful in setting up record keeping systems for your plan and designing oversight and review programs to keep your plan running smoothly.
Important References:
Choosing a Retirement Plan:
Publication 3998 Choosing a Retirement Solution for Your Small Business
Publication 4118 Lots of Benefits
Establishing a Retirement Plan:
Form 5300 Application for Determination for Employee Benefit Plan
Instructions for Form 5300
Form 5304-SIMPLE Simple Incentive Match Plan for Employees of Small Employers (SIMPLE) – Not for Use With a Designated Financial Institution
Form 5305-SIMPLE Simple Incentive Match Plan for Employees of Small Employers (SIMPLE) – for Use With a Designated Financial Institution
Form 5305-S SIMPLE Individual Retirement Trust Account
Form 5305-SA SIMPLE Individual Retirement Custodial Account
Form 5305-SEP Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement
Form 5307 Application for Determination for Adopters of Master or Prototype or Volume Submitter Plans
Instructions for Form 5307
Operating a Retirement Plan:
Form 5500 Annual Return/Report of Employee Benefit Plan
Instructions for Form 5500
Form 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan
Instructions for Form 5500-EZ
Publication 535 Business Expenses
Publication 560 Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)
Publication 590 Individual Retirement Arrangements (IRAs
Publication 4222 401(k) Plans for Small Businesses
Publication 4224 Retirement Plan Correction Programs
Publication 4284 SIMPLE IRA Plan Checklist
Publication 4285 SEP Checklist
Publication 4333 SEP Retirement Plans for Small Businesses
Publication 4334 SIMPLE IRA Plans for Small Businesses
Publication 4460 The Retirement Plan Products Navigator
Terminating a Retirement Plan:
Form 5310 Application for Determination for Terminating Plan
