One participant plan??

[lp1965]

I have a 401k plan that has 2 participants with account balances (owner & spouse). They have several other employees, but none met participation requirements. Total assets are less than $250,000. Are they exempt from filing a 5500??

[Jim Chad]

If no employees other than owners, met eligibility, you have an owner only plan. With assets less than $250,000, no 5500 is required.

[lp1965]

Jim: Thanks for the speedy reply! That was what I thought, but I always feel better getting a second opinion.