Clicking the 5500 Data Report option will provide information for the participant count fields for the plan’s Form 5500/5500-SF/5500-EZ. The 5500 Participant Summary grid provides the actual numbers.
When you click the “Download 5500 Participant Detail & Summary” link you will see a list of all the participants in the plan with indicators as to whether they are eligible, active, have a balance etc. Below is a description of how the 5500 counts are determined in the 5500 data report.
- Part at BOY: Anyone with a vested balance on the last day of the prior plan year except where the only balance is unrelated rollovers and the employee in not eligible to participate plus any active participants as of the last day of the prior plan year (Date of Entry prior to the first day of the plan year being reported) with eligibility = Yes.
- Part Enter at BOY: Anyone who enters the plan the first day of the plan year being reported.
- Total Part BOY: Anyone in Part at BOY or Part Enter at BOY who has a 1 = 1. (5500 Line 5, 5500-EZ Line 6a(1), 5500-SF Line 5a)
- Active Part BOY: Any active participant (eligibility = Yes) at the beginning of the year plus any active excludable participant at BOY with a vested balance except where the only balance is unrelated rollovers. (5500 Line 6a(1), 5500-EZ 6a(2), 5500-SF Line 5d(1))
- Enter During: Anyone who has an entry date after the first day of the plan year being reported with eligibility = Yes.
- Term During: Any participant in Active Part BOY or Enter During whose status is terminated/retired/disabled/death with a termination date during the plan year being reported.
- Active EOY: If the participant has 1 in Active Part BOY or Enter During equals 1 then 1. Else, if the participant has a 1 in Term During equals null. (5500 Line 6a(2), 5500-EZ Line 6b(2), 5500-SF Line 5d(2))
- Ret or Sep w/o benefits: Participant status equals terminated/retired/disabled with a termination date during the plan year being reported and a zero vested balance.
- Ret or Sep rec benefits: Participant status equals terminated/retired/disabled with a termination date during the plan year being reported and participant is receiving installments or took a partial distribution and has a remaining vested balance. (5500 line 6b)
- Ret or Sep entitled to future benefits: Participant status equals terminated/retired/disabled with a termination date during the plan year being reported with a vested balance and did not take an installment or partial distribution during the plan year. (5500 line 6c)
- Subtotal: If Active EOY, Ret or Sep rec benefits, Ret or Sep rec benefits or Ret or Sep entitled to future benefits equals 1 then 1. (5500 line 6d)
- Deceased part-bene rec benefits: Any deceased participant code Death in the census with a vested balance. (5500 Line 6e)
- Tot EOY: If Subtotal or Deceased part-bene rec benefits equal 1 then 1.(5500 Line 6f, 5500-EZ Line 6b(1), 5500-SF Line 5b)
- Part w/acct bal: Anyone with a vested balance at the end of the year except where the only balance is unrelated rollovers. (5500 Line 6g, 5500-SF Line 5c)
- Term w/accrued ben not 100% vested: Anyone terminated/retired/disabled with a termination date during the plan year who had a vested balance, except where the only balance was unrelated rollovers, which was not 100% vested. (5500 Line 6h, 5500-EZ 6c, 5500-SF Line 5e)
If you are comfortable with the data you can use it to populate the appropriate fields on the 5500. When you open Form 5500/5500-SF or EZ on ftwilliam.com you will see a button “Populate Line 5 & 6 from Compliance” (or just Line 5 for 5500SF or Line 6 for 5500-EZ). Clicking this button will populate the fields.
