26 U.S.C. § 6058: Information required in connection with certain plans of deferred compensation

Every employer who maintains a pension, annuity, stock bonus, profit-sharing, or other funded plan of deferred compensation described in part I of subchapter D of chapter 1, or the plan administrator (within the meaning of section 414(g)) of the plan, shall file an annual return stating such information as the Secretary may by regulations prescribe with respect to the qualification, financial conditions, and operations of the plan; except that, in the discretion of the Secretary, the employer may be relieved from stating in its return any information which is reported in other returns. Not less than 30 days before a merger, consolidation, or transfer of assets or liabilities of a plan described in subsection (a) to another plan, the plan administrator (within the meaning of section 414(g)) shall file an actuarial statement of valuation evidencing compliance with the requirements of section 401(a)(12). For purposes of this section, the term “employer” includes a person described in section 401(c)(4) and an individual who establishes an individual retirement plan. no special IRP tax, and the making of contributions (other than rollover contributions), and the making of distributions. section 4973, or section 4974. In the case of annuity contracts to which this section applies and to which section 403(b) applies by reason of the plan under which such contracts are purchased meeting the requirements of paragraph (15) thereof, such plan shall be treated as a single plan for purposes of this section. For provisions relating to penalties for failure to file a return required by this section, see section 6652(e). For coordination between the Department of the Treasury and the Department of Labor with respect to the information required under this section, see section 3004 of title III of the Employee Retirement Income Security Act of 1974. separate reporting of the aggregate amount of contributions received by the plan during the year under section 6433 of the Internal Revenue Code of 1986 (as added by this section), and similar reporting with respect to individual retirement accounts (as defined in section 408 of such Code) and individual retirement annuities (as defined in section 408(b) of such Code).” all members of a group of plans described in subsection (c) may file a single aggregated annual return or report satisfying the requirements of both such sections; and any opinions required by section 103(a)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1023(a)(3) ) shall relate only to each individual plan which would otherwise be subject to the requirements of such section 103(a)(3). In developing the consolidated return or report under subsection (a), the Secretary of the Treasury and the Secretary of Labor may require such return or report to include any information regarding each plan in the group as such Secretaries determine is necessary or appropriate for the enforcement and administration of the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 [ 29 U.S.C. 1001 et seq.] and shall require such information as will enable a participant in a plan to identify any aggregated return or report filed with respect to the plan. are individual account plans or defined contribution plans (as defined in section 3(34) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(34) ) or in section 414(i) of the Internal Revenue Code of 1986); the same trustee (as described in section 403(a) of such Act ( 29 U.S.C. 1103(a) )); the same one or more named fiduciaries (as described in section 402(a) of such Act ( 29 U.S.C. 1102(a) )); the same administrator (as defined in section 3(16)(A) of such Act ( 29 U.S.C. 1002(16)(A) )) and plan administrator (as defined in section 414(g) of the Internal Revenue Code of 1986); and plan years beginning on the same date; and provide the same investments or investment options to participants and beneficiaries. The modification required by subsection (a) shall be implemented not later than January 1, 2022 , and shall apply to returns and reports for plan years beginning after December 31, 2021 .” The Secretary of the Treasury shall modify the requirements for filing annual returns with respect to one-participant retirement plans to ensure that such plans with assets of $250,000 or less as of the close of the plan year need not file a return for that year. the plan covered only one individual (or the individual and the individual’s spouse) and the individual owned 100 percent of the plan sponsor (whether or not incorporated), or the plan covered only one or more partners (or partners and their spouses) in the plan sponsor; the plan meets the minimum coverage requirements of section 410(b) of the Internal Revenue Code of 1986 without being combined with any other plan of the business that covers the employees of the business; the plan does not provide benefits to anyone except the individual (and the individual’s spouse) or the partners (and their spouses); the plan does not cover a business that is a member of an affiliated service group, a controlled group of corporations, or a group of businesses under common control; and the plan does not cover a business that uses the services of leased employees (within the meaning of section 414(n) of such Code). Terms used in paragraph (2) which are also used in section 414 of the Internal Revenue Code of 1986 shall have the respective meanings given such terms by such section. The provisions of this subsection shall apply to plan years beginning on or after January 1, 2007 . In the case of plan years beginning after December 31, 2006 , the Secretary of the Treasury and the Secretary of Labor shall provide for the filing of a simplified annual return for any retirement plan which covers less than 25 participants on the first day of a plan year and which meets the requirements described in subparagraphs (B), (D), and (E) of subsection (a)(2).”