501(c)(6) Organizations

[DTH]

I just want to confirm that a 501©(6) (e.g., business leagues, chambers of commerce, professional football leagues) can have a 401(k) plan. Is there any special recordkeeping ot tax reporting that needs to occur?

[rocknrolls2]

A 501©(6) can have a 401(k) plan. I am not aware of any special recodkeeping requirements that apply to them as opposed to any other sponsoring employer.

[J Simmons]

If it is just for employees of the business league, chamber of commerce or professional football league proper, then there should be no special recordkeeping to deal with.

on the other hand, if the plan is going to be offered to employers that are members of the business league, chamber of commerce or professional football league, then you'd have a multiple employer plan that will need to comply with IRC 413©--and there is then the need to keep the records of the plan on a participating employer-by-participating employer basis, for testing and other reasons.

One Form 5500 will do.