5500 with $0 funding requirement in first plan year

[Gary]

A plan with just one employee (thus must file 5500 and not 5500EZ) has $0 compensation and $0 funding in its first year. Is it necessary to file a 5500 with all 0's or can they wait until their first year of actual funding?

Thanks.

[mwyatt]

File. Exception would only be if this was 5500-EZ (assuming that your one participant is not the owner - I've seen some benevolent plans like this - so you're filing 5500) and assets of all plans were under $100k. Did have a similiar situation with a newly established 401(k) where the client didn't get their act together soon enough for deferrals.

[Blinky the 3-eyed Fish]

I assume this employee works on commissions, because otherwise, with $0 compensation I wouldn't consider him an employee for the year.

[Gary]

Yes, he's an employee that works on commissions. So we go back to the original issue, is it necessary to file 5500 with 0's? Of course it is no crime to file a form with 0s.