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Santa Maria California Form 5500 - Schedule I: What You Should Know

What Employers Need to Know about Filing a Form 5500-SF and Filing Form 5500 A Form 5500-SF can be filed, only if  The plan is a mutual fund. (If more than one fund in the plan is described as a mutual fund, all the funds must be filed.) The plan is a pension plan. The plan qualifies for certain state and local income tax exemptions. Where the employer has contributed to the plan. (This is a matter of state law.) Where the employee was employed within two years of filing the plan and the employer are not required to report the employee's compensation on Form W-2. If the plan is a qualified long-term care insurance plan, the plan must meet certain requirements  Note:  These requirements will vary by plan. Consult your company's HR department for details. The plan can not be in default and may not have any outstanding claims. The plan is not an investment plan. The plan's total assets must equal 50% of the plan's average daily dollar average equity value for the six-month period preceding the filing of the report. The number, dollar and percentage of participating employees is not required. If the minimum required funds per share are less than one percent, the maximum permitted equity value per share is 10% of such minimum required funds. Any equity value above that amount is reported on Form 4562, Report of Distributions From Long-Term Plan. The annual contributions to a Form 5500-SF must be at least the least of 90% of an employee's compensation for the year, or 200.00. If the plan requires employees to withdraw any portion from their accounts during the year before the filing date, the plan must specify the required amount from that withdrawal. The maximum monthly contributions to a Form 5500-SF are: ● Monthly Maximum — The plan or fund requires a minimum of two qualifying contributions (and any required administrative fees). ● Monthly Minimum — The plan requires a minimum of one qualifying contribution. If an employer has a group plan, the form is available for all the plan participants under the following name or classification. In addition, the employer must file a separate report for its own designated participants. For more information about filing Forms 5500-SF and 5500-FM see the 2023 Requirements for Employee Retirement Income Security Act (ERICA) Form 6166 or its successor.

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