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Form 5330 for St. Petersburg Florida: What You Should Know

Here, the Form 5330 is the way in which the IRS determines the employer contributions to a qualified retirement plan, provided that such a plan provides only a defined benefit plan and that there is no option to pay the employer contribution in addition to the employee amount or to elect the employer contribution. Generally, the employee contribution is required to be made without regard to the number of participants in the plan—the employer must contribute to the Plan in a reasonable amount, so that the employee will receive the benefit under the terms of the plan. “Employer contributions” are, among other things, the employee's share of the employer's contribution to the plan during the plan year.  Employer contributions include both periodic employer contributions for each plan year and one or more lump-sum employer contributions under an election to make lump-sum employer contributions under certain circumstances for the plan year. In addition to the employer contributions, the employee contribution is made from the employee's compensation in an amount equal to the employee's annual maximum contribution for the plan year and the maximum contribution allowed for the plan year. Such maximum contributions are set forth in Appendix A of the instructions for Form 5330. When the Form 5330 applies to an individual plan, “employer contributions to the employee's 403(b) plan shall not constitute more than 50 percent (60 percent for governmental plans) of the total employer contribution to the 403(b) plan.” The amount of each employer contribution is the maximum allowed for the plan year. While the Form 5330 does not govern the extent of such contributions under a 403(b) plan, those provisions apply when an employer contribution is a result of the terms of an election in the form of a lump sum and, because such an election may not be a continuing arrangement, it provides that no additional amount may be made from the employee's compensation under the 403(b) plan during the year of the election. If, notwithstanding these provisions, the amount of an election to make lump-sum employer contributions is not a continuing arrangement, and because the amount of such an election is made through an election to make such contributions, the amount of the lump sum election can be included in the employee contribution amounts of the 403(b) plan in the manner provided for under section 408(i)(1)(C) of the Internal Revenue Code.

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