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Compliance Corner

Retirement Updates

IRS Releases Final Form 5310 Instructions

On April 22, 2021, the IRS released the final instructions for Form 5310, Application for Determination for Terminating Plan. The instructions are updated periodically to reflect any regulatory or reporting changes.

A plan sponsor of a terminating retirement plan has the option of filing Form 5310 to request an IRS determination on the plan’s qualification status at the time of termination. The issuance of a favorable letter provides assurance that eligible participant distributions can be rolled over to another qualified plan or individual retirement account.

The instructions delineate how the form should be completed and describe the necessary supporting documentation. The form and instructions were updated for completion on (As of August 1, 2021, the Form 5310 must be completed electronically on the government website. From April 16, 2021, through July 31, 2021, submissions may be made on paper or electronically.)

Employers that sponsor retirement plans may want to be aware of the updated form instructions.

Instructions for Form 5310 (Rev. April 2021) »

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