This article explains the purpose of Form 5310 and who may and may not use it to request an IRS determination of the qualified status of a pension, profit-sharing, or other deferred compensation plan upon plan termination.
What is Form 5310?
Form 5310 is used to request a Determination Letter (DL) as to the qualified status of a pension, profit-sharing, or other deferred compensation plan under section 401(a) or section 403(b) upon termination of the plan. This form applies to defined contribution (DC) and defined benefit (DB) plans; a multi-employer plan covered under Pension Benefit Guaranty Corporation insurance must use Form 5300. The application must be completed and submitted using Pay.gov and should be digitally signed by the employer, administrator, or authorized representative. The application must be accompanied by a completed Form 5310, copies of the plan’s last DL and opinion/advisory letter, amendments, compliance statement, any records of action taken to terminate the plan, and Form 6088.
IRS Form 5310 – Who Needs to Fill It Out?
Form 5310 must be completed and filed by the plan sponsor or administrator of any pension, profit-sharing, or 403(b) plan (other than a multi-employer plan covered by the Pension Benefit Guaranty Corporation) who is requesting the IRS to make a determination on the plan’s qualified status at the time of plan termination. It cannot be filed for multi-employer plans, partially terminated plans, or members of an Affiliated Service Group may not file Form 5310. Additionally, applications must be submitted through Pay.gov, accompanied by a completed form, the plan’s last DL, opinion or advisory letter, adoption agreement, and amendments, along with a statement explaining the amendments’ impact.
Step-by-Step: Form 5310 Instructions For Filling Out the Document
Filling out the Form 5310 document is a step-by-step process requiring the completion of the form itself as well as gathering necessary supplemental attachments from the plan sponsor or administrator. The completed form and attachments must then be submitted via the Pay.gov portal, ensuring that all components are consolidated into a single PDF file, no larger than 15MB. Additional documents such as a copy of the last DL, any amendments since then, compliance statements, and any records of termination must also accompany the form when submitted. Documents imposed by specific provisions of law, such as a Form 6088 for DB plans must also be included. Lastly, all applications should include a statement clarifying the amendment’s impact on the plan and the employer.
Below, we present a table that will help you understand how to fill out Form 5310.
|Information Required for Form 5310||Details|
|Supplemental Attachments||Required supplemental attachments|
|Submission Process||How to submit the form and attachments|
|Amendments and Impact||Handling amendments and their impact|
|Additional Documentation||Other documents and statements required|
Do You Need to File Form 5310 Each Year?
Do You Need to File Form 5310 Each Year? No, Form 5310 is not a form that needs to be filed annually. This form must be submitted through Pay.gov when a pension, profit-sharing, or 403(b) plan terminates, and is used to request a determination letter from the IRS regarding the plan’s qualified status. The application must be completed and digitally signed by the relevant plan sponsor, administrator, or representative, and accompanied by documents like the plan’s last DL (if applicable), the opinion or advisory letter, all amendments, compliance statements, records of termination, and Form 6088. See the instructions for more information on what is required when filing Form 5310.
Official IRS Form 5310
Form 5310 should be electronically filed via Pay.gov. The latest version of the form can be found on Pay.gov.
To submit Form 5310, please follow these steps:
- Register for an account on Pay.gov.
- Use the search function to locate “5310” and choose Form 5310.
- Fill out the form.