With the Form 5500 deadline fast approaching, 401(k) plan sponsors should be aware of common mistakes that can easily occur when filing the form.

Different schedules need to be attached to the Form 5500, depending on whether a plan sponsor is a large plan or small plan, says Cindy Dwyer, president of MHM Retirement Plan Solutions, a third-party administrator. Large plans, those with 100 or more eligible participants, must attach a Schedule H to their Form 5500 and the plan must be audited. Small plans, meanwhile, attach a Schedule I.

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