| Instructions for Form 5500 |
2003 Tax Year |
Instructions for Form 5500 - Introductory Material
This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
Under the computerized ERISA Filing Acceptance System (EFAST), you can choose between two computer scannable forms to complete
and file your 2003
Form 5500: "machine print" and "hand print." Machine print forms are completed using computer software from EFAST approved
vendors and can be filed
electronically or by mail (including certain private delivery services). Hand print forms may be completed by hand, typewriter
or by using computer
software from EFAST approved vendors. Hand print forms can be filed by mail (including certain private delivery services);
however, they
cannot be filed electronically. For more information, see the instructions for How To File on page 5.
To reduce the possibility of correspondence and penalties, we remind filers that:
- Paper forms must be obtained from the IRS or printed using software from an EFAST approved software developer.
- Hand print and machine print forms generated by EFAST approved software will not be processed if they are printed out blank,
or with limited
information, and then completed by pen or typewriter. Only official hand print paper forms printed by the IRS may be completed
by pen or
typewriter.
- All information should be in the specific fields or boxes provided on the forms and schedules. Information entered outside
of the fields or
boxes may not be processed.
- Filings using photocopies of the computer scannable forms and schedules may be returned or cause correspondence requiring
additional
information.
- Do not use felt tip pens or other writing instruments that can cause signatures or data to bleed through to the other side
of the paper.
One-sided documents should have no markings on the blank side.
- Paper should be clean without glue or other sticky substances.
- Do not staple the forms. Use binder clips or other fasteners that do not perforate the paper.
- Do not submit extraneous material or information, such as arrows used to indicate where to sign, notes between preparers of
the report,
notations on the form, e.g., “DOL copy,” etc.
- Do not submit unnecessary or blank schedules. Except for certain Schedule SSA filings specifically permitted by the instructions,
schedules
should be submitted only with a Form 5500 or in response to correspondence from the Employee Benefits Security Administration
(EBSA) regarding the
processing of your return/report.
- Submit all schedules (including the correct number of schedules) for which a box is checked on Form 5500, Part II, line 10.
- Do not attach or send any payments to EFAST.
- All Forms 5500 and 5500-EZ must be filed with the EBSA either electronically or at the EFAST address specified on page 5.
- Clearly identify all attachments. At the top of each attachment, indicate the schedule and line, if any (e.g., Schedule I, Line
4k), to which the attachment relates.
The Form 5500 Annual Return/Report is used to report information concerning employee benefit plans and Direct Filing Entities
(DFEs). Any
administrator or sponsor of an employee benefit plan subject to ERISA must file information about each plan every year (Code
section 6058 and ERISA
sections 104 and 4065). Some plans participate in certain trusts, accounts, and other investment arrangements that file a
Form 5500 as DFEs. See
Who Must File on page 3, When To File on page 4 and Where To File on page 5.
The Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC) have consolidated
certain returns
and report forms to reduce the filing burden for plan administrators and employers. Employers and administrators who comply
with the instructions for
the Form 5500 and schedules will generally satisfy the annual reporting requirements for the IRS and DOL.
Plans covered by the PBGC have special additional requirements, including filing Annual Premium Payment (PBGC Form 1 Packages)
and reporting
certain transactions directly with that agency. See PBGC's Premium Package (Form 1 Packages).
Each Form 5500 must accurately reflect the characteristics and operations of the plan or arrangement being reported. The requirements
for
completing the Form 5500 vary according to the type of plan or arrangement. The section What To File on page 7 summarizes what information
must be reported for different types of plans and arrangements. The chart on pages 12 and 13 gives a brief guide to the annual
return/report
requirements for the 2003 Form 5500.
The Form 5500 and attachments are screened by a computer process for internal consistency and completeness. The filing may
be rejected based upon
this review. Employers and plan administrators should provide complete and accurate information and otherwise comply fully
with the filing
requirements.
ERISA and the Code provide for the assessment or imposition of penalties for not submitting the required information when
due. See
Penalties on page 7.
Annual reports filed under Title I of ERISA must be made available by plan administrators to plan participants and by the
DOL to the public
pursuant to ERISA sections 104 and 106. Schedules E and SSA are not part of the annual report filed under Title I of ERISA, and are not
open to public inspection.
- Form 5500 booklets are no longer mailed annually to filers of record. Rather, a postcard is being mailed with information
on How To Get
Forms and Related Publications.
- Form 5500 — The instructions for lines 8a and 8b plan characteristics codes are modified on pages 18 and 19 to include: 3I
for a
pension plan that requires that all or part of the employer contributions be invested and held, at least for a limited period,
in employer securities
and 4U for a collectively bargained welfare benefit arrangement under Code section 419A(f)(5).
- Schedule B — The instructions for line 4a, Quarterly Contributions, are modified for new plans; the instructions for line
8c and the Schedule of Active Participant Data are modified to incorporate average cash balance account data; and on line 9l(2), the
current liability full funding limitation is now based on 170% of current liability.
- Schedule E — Line 1 is a modification of the former line 17. Subsequent line numbers are adjusted accordingly.
- Schedule H — Line 3 is reordered to clarify information concerning the accountant's opinion.
- Schedule H and Schedule I — To eliminate duplicative reporting, information concerning delinquent participant contributions
reported
on line 4a is no longer required to also be reported on line 4d (or Schedule G).
- Schedule SSA — The instructions on page 55 are modified to clarify how to report additional separated participants.
If you need assistance completing this form, want to confirm the receipt of forms you submitted, or have related questions,
call the EFAST Help
Line at 1-866-463-3278 (toll-free) and follow the directions as prompted. The EFAST Help Line is available Monday through
Friday from 8:00 am to 8:00
pm, Eastern Time.
How To Get Forms and Related Publications
You can order forms and IRS publications 24 hours a day, 7 days a week, by calling 1-800-TAX-FORM (1-800-829-3676). You can order EBSA
publications by calling 1-800-998-7542. In addition, most IRS forms and publications are available at your local IRS office.
You can access the EFAST Web Site 24 hours a day, 7 days a week at www.efast.dol.gov to:
- View forms and related instructions.
- Get information regarding EFAST, including approved software vendors.
- See answers to frequently asked questions about the Form 5500 and EFAST.
- Access the main EBSA and DOL Web Sites for news, regulations, and publications.
You can access the IRS Web Site 24 hours a day, 7 days a week at www.irs.gov to:
- View forms, instructions, and publications.
- See answers to frequently asked tax questions.
- Search publications on-line by topic or keyword.
- Send comments or request help by e-mail.
- Sign up to receive local and national tax news by e-mail.
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