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There are three questions related to determining retirement age. Please note that these questions will be determined by the plan document. If “Age only” applies, the system will only look at a participant’s age to determine if normal retirement a...
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The vesting section is where certain vesting related settings can be found, such as vesting service computation method, computation period and vesting exclusions. Additionally, this is where the global option to override prior years of cumulative ye...
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The Eligibility section of Plan Specifications is where the user will set exclusions (such as union, leased employees, nonresident alien, other), indicate whether the eligibility computation period will switch to the plan year, review the age and ...
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The Contribution section of Plan Specifications is where contribution limits will be entered, safe harbor specifications will be selected and allocation requirements for sources and 410(b) corrections will be selected. This is also where the Nonel...
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This section contains the basic information about the plan such as the plan type, plan year begin date, plan year end and original effective date. It also contains the permitted contribution sources and compensation options. For the first plan yea...
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Standard User Access is limited to modules and features explicitly granted in their profile. Cannot manage users or perform administrative tasks. Designated Admin Can manage plans, users, and administrative tasks. Must have “Designate...
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What Are Divisions? Divisions are containers that group companies (Plan Sponsors) together, allowing for customized permissions. This makes it easy to control which users can access specific companies. For example:
If an employee manages 30...
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This section contains the vendor selection, which is used if transactions from a specific vendor are being uploaded into the system. It is also where the “Work with Sources/Inv Accounts” link is found. Financial data import vendor Press the d...
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Form 5558
Application for Extension of Time To File Certain Employee Plan Returns
(January 2025)
View Official IRS
Instructions
Table of Contents
General Instructions
Future Developments
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