guide to the census and 5500 reporting tools

Transcription

1 guide to the census and 5500 reporting tools Use this document for assistance in completing your annual census and 5500-SF filing. Before getting started you will need: 1 Your User ID and Password for the ADA Members Retirement Program employer website ( (select Employer Log In) The User ID for this part of the website starts with ASC and is followed by five numbers and/or letters (e.g. ASC00000). If you are having trouble accessing the Plan Services website please contact your Retirement Plan Account Manager at Your 5500-SF Filing Credentials, User ID and PIN, as a Filing Signer, that you previously obtained from the Department of Labor If you don t have credentials or lost the ones assigned to you, then you should go to for assistance. You will not be able to sign and transmit your 5500 without these credentials. You will need a valid address to obtain credentials. There are three components to completing the annual 5500 process: 1 Complete Plan Questionnaire. 2 Complete Participant Census Information. 3 After you receive your invitation, follow the instructions to review, electronically sign and file your Annual 5500 Form through the Program website.

2 Step 1 Complete Plan Census Information Status of Participants From the main page on the Employer site select Compliance and then E-Compliance. To complete the Plan Questionnaire, click NO to Perform Compliance Testing. Click Yes to Perform 5500 Reporting and click. Click Compliance Click E-Compliance First-Time Users Only Read the Terms and Conditions Click the I Accept Button 2

3 Check Appropriate Box(es) Click No Click Yes Additional information on Contribution Limits Important Compliance Dates and Quick Tips are also available on this screen. 3

4 Step 2 Review Plan Information After agreeing with the terms and conditions you will enter the Plan Information section and answer a series of questions about your plan. The answers to the questions on these pages will help ensure the accuracy of your After answering the questions on each page you should select at the bottom of each page. At the end of this section there will be a list of plan-related items for your plan for you to confirm for accuracy. First three questions should already be populated. Review and Update All the Plan Information Generally, plans are required to be covered by a fidelity bond. This will be pre-populated if you have previously provided this information. This will always be no for Program plans. (Only applies to plans with more than 100 employees.) Only Yes if you have changed business type, name, or employer identification number Yes should ONLY be checked if you have not remitted 401(k) or any payroll deduction contributions in a timely manner. This will always be No for Program plans since the plan requires that all assets be invested in the investment options available through the Program. Choose from the drop down menu This will always be No 4

5 Only click Yes if you sponsor another employersponsored retirement plan outside of Members Retirement Program This only impacts plans that cover union employees. FOR SAFE HARBOR 401(k) PLANS ONLY Answer Yes if you met your requirement and provided the annual notice to employees. See the Learn More link for more information. The next two questions may only apply if you own or have ownership in another business Does not apply to plans through the Program Enter the total number of employees during the plan year regardless of whether they participated in the plan. 5

6 Answer No unless you merged, transferred or terminated this plan during this plan year. Answer No unless you have sold your business or closed your business during the plan year. Answer No unless terminated this plan during the plan year. Answer No unless you acquired another business during the plan year. Click when you have verified the accuracy of the information in the gray box. Disregard the information on the left at this time. It has no impact on 5500 preparation. Verify that the information in the grayshaded box is correct. If not, please contact a Retirement Plan Account Manager 6

7 Step 3 Update Participant Census Information After answering the Plan Information questions you enter the Update Census section where you will be able to edit participant information as necessary. The census information can also be updated through the Participant tab on the Employer website by clicking Retrieve Participants and then selecting Participant Information on the drop down menu for each participant. Select a participant if you need to update their census information. You can also add participants not listed in your plan census information. IMPORTANT NOTE: The three boxes at the bottom of the page must be checked in order to move to the second page of the census section, which will identify any limit errors created by contributions to your plan. If there are errors identified you should answer yes to authorizing corrections and contact a Retirement Plan Account Manager. If there are no errors identified then you should proceed to the contributions section. Go to Viewable columns and select Compensation and Hours Under the 2016 Limitation Compensation Enter the participant s compensation for

8 Under the 2016 Limitation Compensation, enter the participant s compensation for Unless a participant was only eligible for part of the year, enter that same amount or copy and paste the same amount in 2016 Plan Year Compensation. If a participant was only eligible part of the year, then enter their full year compensation under Limitation Year and their salary from the entry date forward in the Plan Year. For example, if a full-time participant s hire date was March 15, 2015 and your plan has a one year service requirement and two entry dates they would be eligible on July 1, If that participant s W-2 for 2016 was $30,000 and their compensation from July 1, 2016 to December 31, 2016 was $15,000, then you would put $30,000 under 2016 Limitation Year Compensation and $15,000 under 2016 Plan Year Compensation. Enter the hours the participant worked in 2016 under the 2016 Hours column. If you don t know the exact hours, but you know it is over 1,000 hours, put 2,000 hours. If you don t know the exact hours, but know it is between 500 and 1,000 hours, put 750 hours. Otherwise, if you know the exact hours, please enter the actual hours worked. Enter the hours the participant worked in 2016 under the 2016 Hours column 8

9 Input the 2016 Ownership % in that column. If you have previously completed census information that prior information should be displayed on the table already. Enter the 2016 Ownership Percentage If this is your first plan also enter the 2015 Ownership Percentage Check all the boxes NOTE: will not be available until all three boxes are checked. Congratulations! You have completed the Census Review Process. Click and Exit in the upper-right hand corner of the screen. Click and Exit FOR TRADITIONAL 401(k) PLANS The information will be processed and you will be notified when a 401(k) test has been run for your plan. FOR ALL OTHERS The information will be processed and you will be notified via invitation when a 5500 is ready to be filed. 9

10 5500 Filing Instructions 1 You will receive an invitation inviting you to visit the employer site to review and file your 5500 report. IMPORTANT NOTE: For the 2016 Plan Year, you should expect your invitation within 4-6 months after the close of your plan year. 2 Go to select Employer Log In and enter your User ID and Password. 3 Click on Compliance tab. Click Compliance 4 Click on Go To 5500 Report button and you will be taken to a screen to E-Sign your form. Click Go To 5500 Report 10

11 5 Click on E-Sign 5500 button on left. Click E-Sign Follow instructions to View and Print the Form, enter your DOL filing credentials, and Sign If you have not already established your credentials with the DOL (first-time filer) see the instructions for getting your DOL credentials on the website under Plan Education Center. 7 Within 48 hours after you have filed, you can follow the same path as above and check the status of your return by clicking the Check 5500 Status button on the left. Filing Status 11

12 The ADA Members Retirement Program (Contract Form #5108) is funded by a group variable annuity contract issued and distributed by AXA Equitable Life Insurance Company (New York, NY 10104, ). AXA is the brand name of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY). AXA S.A is a French holding company for a group of international insurance and financial services companies, including AXA Equitable Financial Services, LLC. The obligations of AXA Equitable Life Insurance Company are backed solely by their claims-paying ability. This content is provided for your informational purposes only. AXA Equitable Life Insurance Company (NY,NY) does not provide legal or tax advice. Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor AXA Equitable Life Insurance Company. All rights reserved Avenue of the Americas, New York, NY 10104, (212) G39699 GE ADA (1/16) (Exp. 1/18) Cat. # (1/17)