5500 for foreign plan

[Guest beppie_stark]

Do US employers need to file a 5500 for foreign retirement plans that benefit only foreign employees?

In the "Who Must File" section of the 5500 instructions, included at #5 are "pension benefit plans maintained outside the United States primarily for nonresident aliens if the employer who maintains the plan is...a domestic employer..."

But later in in the "Do not file.." section #6. "A pension plan that is a qualified foreign plan within the meaning of Code section 404A(e) that does not qualify for the treatment provided in Code section 402(e)(5)" need not file a 5500.

I think I have determined that a "qualified foreign plan" is a 1) writen plan where 2) less the 10% of the covered compensation is subject to US taxes, 3) 90% of the employees are non-resident aliens, 4) the plan benefits only employees of the employer, 5) the employer is not a non-profit, and 6) the employer has elected to be treated as a "qualified foreign plan"

I'm pretty sure we don't need to file a 5500 but how would we make an election to be a qualified foreign plan?