What Retirement Plans Must Report
Sponsors of retirement plans are generally required by law to report information to the IRS, the Department of Labor and even the Pension Benefit Guarantee Corporation. Your plan type, business size and circumstances will affect your disclosure.
The plain-vanilla basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and the provisions of the Employee Retirement Income Security Act of 1974 (ERISA) are administered by the IRS.
Among the annual reports that the IRS wants filed are:
In addition to your responsibilities regarding the IRS, there are reporting and disclosures to consider for the Department of Labor as well. Basic disclosure requirements include:
This is just a summary of a complex process — there are many other provisions and exceptions, and rules change over time. Be sure to work with qualified financial professionals to make sure you are in compliance.
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