Annual Administration

Download:  ERSOP® Annual Administration Employee Census Worksheet

Purpose:  This form is used to report information about all employees of your corporation for the current plan year. The data collected ensures compliance with IRS and ERISA requirements and supports the accurate administration of your retirement plan.

Instructions for Completing the Form:

1. Plan Year-End Date
   Enter the last day of your ERSOP® plan year (e.g., 12/31/YYYY).
2. Complete All Columns for Each Employee
   Fill in one row per employee, including:
   • Full Name
   • Social Security Number (SSN)
   • Date of Birth
   • Date of Hire
   • Compensation Paid (for plan year)
   • Job Title
   • Employment Status (e.g., active, terminated, part-time)
3. Include All Employees
   Report all employees who received compensation during the plan year, including part-time, temporary, and terminated employees.

   NOTE:  Any officers and/or trustees need to be included on the census regardless of whether salary was taken or not.

4. Affirmation
   Ensure the responsible business officer adds their name and the date to affirm that the information is complete and accurate to the best of their knowledge.
5. Review & Submit
   Verify all data for accuracy and completeness. Submit the MS Excel worksheet final version (do not make a PDF) to [email protected] or upload it via the client portal.

PLEASE NOTE:  The information MUST be reported using our form template which can be found to the right of the page.

Provide a copy of the W-2 Employee Wage & Tax Statement for each employee who received wages in your plan year and W-3 Employer’s Transmittal of Wage and Tax Statements for the plan year.

A W-3 is an IRS form titled “Transmittal of Wage and Tax Statements.”  The W-3 is used by employers as a cover sheet to summarize and send the total wages and tax withholdings for all employees to the Social Security Administration (SSA) along with their individual W-2 forms.  The W-3 is requested with your annual filing documents because it:

• Summarizes W-2 data:  While a W-2 form reports the wages and tax information for a single employee, the W-3 provides a cumulative total of all the W-2s filed by an employer.
• Reconciles payroll:  The W-3 acts as a verification tool, confirming that the payroll data on the W-2s matches the information the employer has submitted to the IRS on quarterly tax forms throughout the year.
• Verifies tax compliance:  It helps the SSA and IRS verify that all wages and taxes, including Social Security and Medicare taxes, have been accurately reported. 

NOTE:  If you have a non-standard financial calendar year, such as an off-calendar plan, please provide a payroll report for the plan year.

Submit the information to [email protected] or mail to our address or upload to your client portal.  If you need a new client portal or forgot your login credentials, please email us for assistance.

Every year we will need copies of the monthly statements of your Profit Sharing Plan & Trust bank account (if it is opened), inlcuding brokerage statements, from the beginning of your plan year end to the end of your plan year end.

If you have multiple participants with accounts, we will need each participant’s account statements for the full tax year as well.  Please provide detailed explanations for any deposits/withdraws that occured to/from the brokerage/plan account so that we can report these accurately.

*Failure to provide an explanation may result in delay in filing or the inability to complete the adminsitration or create inaccurate reporting to be filed.  Such corrections may require amendments which would also add more time to your filing and resulting in a late submission.  You would be responsible for the late fees incurred due to submitting inaccurate data or incomplete data.  Depending on the severity and level of work required, this may exceed the standards we set for the Annual Administration program and you may be subject to additional service fees.

If you have closed your PSP&T bank account, it is necessary for us to obtain the statements up until the account was closed.  Once it has been reported that the account was closed, then this item is no longer applicable to you unless you decide to reopen the account.  You must inform your Plan Coordinator if you have decided you want to reopen your PSP&T bank account.

We only need copies of your Corporate statements IF additional stock was purchased, stock bought back, or a contribution was made and we need to see the money going into or coming out of the account.  Other than the applicable statement, it is unnecessary to send us your Corporate bank statements.

Please be aware that if a participant with an account balance terminates or takes a distribution, it is important to inform us immediately by emailing your Plan Coordinator with the following data:

• The participant name, hours worked, and if applicable, the termination date and termination wages (if any).
• Copies of the filed Form 1099R(s) and signed Form 1096.
• Copy of the relevant participant distribution form(s), filled out (found in your blue Profit Sharing Plan binder).

If you have not filed the Form 1099R(s) & 1096, SD Cooper can produce them for free if you are enrolled in our Annual  Administration program; otherwise, we can prepare them for a fee of $250 for the initial filing of the forms and $100 for subsequent filings.  If you hire SD Cooper to produce the forms, please send the data to us as soon as available or no later than December 1st of the distribution year.

The IRS filing deadlines for the Form 1099R & 1096 are as follows:
1) Copy C for Recipient (participant) is due January 31st (of year after distribution year);
2) Copy A for IRS is due January 31st (of year after distribution year).

In order to complete your administration, you will need to be enrolled in our Annual Administration Monthly Service Fee Program and current on your monthly payments.

See our Online Payment page to access the payment portal.

Contact us at 866-MY-ERSOP or [email protected] to enroll or verify enrollment in the Annual Administration Monthly Service Fee Program.

For current clients, enrollment begins upon receiving your 2024 annual filing fee of $1,200 followed by a monthly service fee of $195/month plus a nominal credit card precessing fee.

For new clients and transferring clients, enrollment is automatic after we either receive your new account enrollment fee or on the date you sign the transfer agreement.

For legacy and dormant clients requiring 3 years or less of late/back annual filing support, the fee is $1,200 per late year plus the late filing fees (see note below), followed by enrollment into the Annual Administration Monthly Service Fee Program.  The related fees are due before each annual filing can be submitted.

For legacy and dormant clients requiring 4 or more years of late/back annual filing support, the fee is $1,200 for the first three late/back filed years plus $950 per subsequent late filing year plus the late filing fees (see note below), followed by enrollment into the Annual Administration Monthly Service Fee Program.  The related fees are due before each annual filing can be submitted.

If you are not enrolled in our Annual Administration Monthly Service Fee Program, then the standard annual filing fee is $2,500 per annual filing.

If you are enrolled in our Annual Administration Monthly Service Fee Program but your monthly payments are not current, you must either pay the balance due before we process your Form 5500 or pay the difference between what you have already paid and the standard annual filing fee of $2,500 if you miss the SD Cooper document deadline.

Please Note:  Delay in payment may result in a delay in Form 5500 submission which is your responsibility and may incur late fees from the IRS and/or the DOL.  We have established our deadlines in order to assure our clients their filings will be completed in a timely manner.

Please Also Note:  Only sending in payment before the deadline without the other data, or submitting all your data but without the payment, will still be considered late and may incur late fees from the IRS and/or the DOL.  Late filings are typically submitted under the Delinquent Filer Program and incur an IRS/DOL late fee of $750 (plus card processing fee) per late submission with a maximum capped fee of $1,500 for multiple late submissions.