How to Read a Form 5500

Every 401(k) plan with more than one participant is required to file a Form 5500 with the Department of Labor annually. These filings are public record — available on the DOL's EFAST2 system and through databases like FreeERISA. This means your plan's financial data is accessible to participants, competitors, and attorneys evaluating fee litigation targets.

What the Form 5500 Contains

The Form 5500 is actually a family of forms. The specific schedules that apply depend on your plan's size and type:

• Form 5500-EZ: For one-participant plans (sole proprietors and spouses). Simplified filing, not publicly available.
• Form 5500-SF: For small plans with fewer than 100 participants and certain other criteria. Simplified schedules.
• Form 5500: Full form for plans with 100+ participants, plus any plan electing to file the full form.

Key Schedules to Know

• Schedule A (Insurance): Insurance contracts held by the plan, including commissions paid.
• Schedule C (Service Provider Information): This is the most important schedule for fee analysis. It lists every service provider paid $5,000 or more from plan assets, their fees, and indirect compensation received.
• Schedule H (Financial Information): The plan's balance sheet — assets, liabilities, income, and expenses.
• Schedule I: Simplified financial information for small plans.

Finding Your Plan's EIN

The Employer Identification Number (EIN) on line 2b of the Form 5500 is the plan sponsor's EIN — the same number FEEDUCIARY uses to link your account to your plan's public filing history. This is not the plan EIN (line 2c), which is a separate number.

Using 5500 Data for Fee Benchmarking

Because 5500 filings are public, researchers and platforms have compiled this data into searchable databases. You can look up comparable plans — same size, same industry, same region — and see what they report paying in fees. This is a more sophisticated form of benchmarking than static industry averages.

In Phase 3, FEEDUCIARY plans to incorporate 5500 data directly into our benchmarking engine, allowing even more precise comparisons against plans like yours.