New Changes for Small Plan Filers Not Using the Form 5500-SF

Solo 401k

The Proposed 5500 Revisions also make significant changes for small plans that are not eligible to file a Form 5500-SF. For
these plans, the Proposed Revisions –

1. Eliminate the Schedule I, the schedule currently used by small plans to report financial information;
2. Require that the Schedule H be completed, including the schedules of assets, though small plans that arecurrently exempt from the audit requirement will continue to be exempt under the Proposed Revisions;
3.  Revise the Form 5500 to add a new question asking defined contribution pension plans to report the number of participants with account balances at the beginning of the plan year; and
4.  Revise the audit exemption to be based on the number of participants with account balances as of the beginning of the plan year, rather than on the total number of participants at the beginning of the plan year.

Solo 401k Plan: Your Opportunity for Checkbook Control of Your Future