Guideline’s services include preparation and electronic filing of the Form 5500, at no added cost, as long as contributions were made to your Guideline plan prior to the end of the filing year and information is provided in a timely manner. This means that if you transferred your plan to Guideline earlier this year, and need to file your Form 5500 for the previous plan year, you should work with your prior administrator to file your report. Also, if you transferred your plan to another service provider before the end of the filing year, you should work with your new provider to file your report.
What will I need to do?
You are responsible for providing information requested by Guideline to prepare your 5500. In most cases, Guideline will have adequate information about your plan to prepare and file the Form 5500. In the case that Guideline does not receive all the information from the prior provider during the conversion process, additional information requests include the Trust Report from the prior provider and completion of the Pre-Guideline Activity Task in the dashboard.
If your plan is transferring to Guideline, all assets must be transferred by May 1st of the following year in question in order for Guideline to file the Form 5500 for the plan year.
You will also be asked to review and certify the accuracy of the Form 5500 information prior to filing.
If you transferred your plan to Guideline in the middle of the reporting year, you will need to maintain accurate and complete plan records to provide to Guideline for purposes of Form 5500 preparation.
As explained above, if you did not make contributions to your Guideline plan during a particular plan year (i.e. in the event of a change of service providers), Guideline will not be able to assist with your filing and you should work with your prior administrator to file your report.