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What is Form 5500?

Form 5500 is an annual reporting requirement for certain employer-sponsored retirement plans. Its main purpose is to give the IRS, Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) visibility into the plan’s financial condition, investments, fees, and overall compliance with federal regulations. In other words, it functions like a plan's annual checkup for retirement plans covered under ERISA (Employee Retirement Income Security Act). Most 401(k)s, pension plans, and profit-sharing plans must file Form 5500 each year, regardless of whether contributions were made.

The form helps government agencies ensure that plans are being managed responsibly and that employees’ retirement savings are protected. Because it includes detailed financial and administrative information, the Form 5500 process can be time-consuming and requires accurate recordkeeping.

The good news? WealthRabbit's SIMPLE IRA clients never have to worry about this complex filing requirement. We handle the compliance steps that are required, making retirement plan administration much easier.

Additional Resources:

• IRS Form 5500 Information
• DOL EFAST2 Filing System