Need to extend some 5500 filing dates? Filling out Form 5558 by hand? Let PensionPro do the work instead. With the AUTOMATE: Compliance bundle, PensionPro can add 5558 forms to ftwilliam.com using existing Plan and Project data—done quickly, and without error. Then, import those completed forms back into PensionPro and save them as Project Files.
Requires Add-On: Automate Compliance
Compatible Tiers: Business
Article Contents
- Overview of the FTW 5558 Integration
- Creating Form 5558 in FTW from PensionPro
- Retrieving Form 5558 from ftwilliam.com
Overview of the FTW 5558 Integration
PensionPro can integrate with ftwilliam.com to work with 5558 forms in two ways:
- Creating the Form 5558 in ftwilliam.com using Plan & Project data
- Retrieving and saving a copy of the Form 5558 to Project files in PensionPro
Either of these options can be performed individually by Project, or for multiple Projects at once via Power Tools.
Prerequisites
Before getting started with the ftwilliam.com 5558 integration, ensure that the integration is properly established:
- PensionPro must be connected to ftwilliam.com.
- Any Plans that will use the 5558 integration must be linked to ftwilliam.com.
Additionally, the bulk of the 5558 integration functionality is built around Annual Administration Projects, as these are typically the Projects used to complete the 5500 filing. To perform the actions outlined in this article, a Project should have the following attributes:
- Project Type is Annual Administration
- Frequency is not Non-Recurring (Annual is recommended)
- Extendable is Yes
Compatibility with PensionPro's Extension Projects
PensionPro includes the ability to launch Extension Projects, which can automatically extend an Annual Administration's Project Deadline and assist the firm in tracking their 5558 filing process. While the FTW 5558 integration includes some minor benefits to firms who use Extension Projects, it should be noted that:
- Extension Projects are not necessary in order to use the FTW 5558 integration.
- PensionPro can create a 5558 in ftwilliam.com even if the corresponding Annual Administration Project has not been extended.
Creating Form 5558 in FTW from PensionPro
As long as an Annual Administration Project is available, PensionPro can send its data to ftwilliam.com to populate the Form 5558 for a given plan year. This can be done for a single Project, or for multiple Projects with the same Period End via Power Tools. Additionally, if using the Project Extension Creation Power Tool to extend a large number of Projects, PensionPro can create the corresponding 5558 forms at this time.
What Data Is Used to Fill the 5558
The created Form 5558 will be completed using the information identified in the table below. PensionPro is unable to create the 5558 in ftwilliam.com if any items from the second column are missing.
Part I | |
| Box A, Name of Filer | Name of the Client record & primary address from the Client tab |
| Box B, EIN | EIN from the Client tab |
| Box C, Name of plan | Name of the Plan record |
| Box D, 3-digit plan number | IRS Plan Number from the Plan tab |
| Box E, Plan year end date | Period End from the Annual Administration Project |
Part II | |
| Item 1, Check to request extension | Always checked by PensionPro |
| Item 2, 5500 extension date | Month: Project Period End month + 10 Day: Always 15 |
| Item 3, 8955-SSA extension date | Month: Project Period End month + 10 Day: Always 15 |
Creating a Single 5558 in FTW
A form 5558 can be created from any Annual Administration Project that meets the criteria outlined in the overview of this article. This will transmit any required Plan/Project data to ftwilliam.com to create a 5558 for the given plan year. If a 5558 already exists, it will be overwritten.
To create the 5558 in ftwilliam.com:
- Open the applicable Annual Administration Project in a new tab.
- In the tab header at the top-right, select More
> Add Form 5558 in ftwilliam.com.
PensionPro will then send the necessary data to ftwilliam.com to create the 5558. The user will receive two emails from PensionPro: one to confirm that the request has been queued, and another once ftwilliam.com processes the request. In the event of failure, the latter email will include an attached spreadsheet detailing any issues encountered.
Creating Multiple 5558s in FTW via Power Tools
Requires Security Rights: Power Tools
Instead of creating the 5558 for one Project at a time, PensionPro can also perform this action for multiple Projects with the same Period End date using the ftwilliam.com Form 5558 Power Tool.
To get started, navigate to Power Tools > ftwilliam.com > Form 5558. ftwilliam.com Form 5558 Power Tool opens at Step 1.
Step 1: Options
- Use the I want to field to select Add Form 5558 in ftwilliam.com.
- Choose a Project Period End date. This will be used to filter Projects in later steps.
- Select Next to continue to Step 2.
Step 2: Filters
On this step, PensionPro will apply a number of default filters so that only eligible Projects can be selected in Step 3. Additional column selections/filters can be applied to further limit the number of results returned; for more information, refer to the article Column Selections & Filters.
When satisfied, select Next to continue to Step 3.
Step 3: Selections
The grid on this step will show the Plan Name, Project Name, Period End, and Completed Date for any eligible Projects, along with any other column selections made in Step 2. This grid also includes a Message column, which indicates if the Plan is linked to ftwilliam.com; PensionPro cannot attempt to create a 5558 if a Plan is not linked.
Select any Projects that should create a 5558 in ftwilliam.com, then select Next to continue to Step 4.
Steps 4 & 5: Review and Finish
Step 4 displays a summary of the changes to be made; review the information, then select Execute.
Once the Power Tool is executed, the Projects selected in Step 3 will be sent to ftwilliam.com for 5500 creation. The user will receive two emails from PensionPro: one to confirm that the request has been queued, and another containing the results once ftwilliam.com processes the request. Further details on each item will be included in an attached spreadsheet.
Once Step 5 is reached, the Power Tool has been completed and the tab can be closed. Alternately, use Start Over to begin again from Step 1.
Creating 5558s in FTW when Extending Projects
If using 5558 Extension Projects to extend the deadline of an Annual Administration and process a form 5558—particularly when using the Project Extension Creation Power Tool to extend multiple deadlines—PensionPro can create the 5558s in ftwilliam.com when launching the Extension Projects. Not only does this save time by avoiding the need to execute two Power Tools, it also ensures the Projects that are extended are the same ones that create new 5558s.
To take advantage of this option, follow the instructions for using the Project Extension Creation Power Tool found in the Extending Multiple Projects Using Power Tools section of the article Extending Project Deadlines. In Step 1 of the Power Tool, ensure that the Add Form 5558 in ftwilliam.com option is selected and enter a Project Period End date.
Upon execution of the Power Tool, PensionPro will send the user confirmation and completion emails for both the Project creation and the form 5558 creation in FTW, for a total of four emails.
Retrieving Form 5558 from ftwilliam.com
PensionPro also provides the ability to pull completed 5558 forms from ftwilliam.com and save them to Files within the Annual Administration Project. This is an easy way to save the completed 5558 in PensionPro for archival purposes or to share with Plan Contacts on PlanSponsorLink.
Form 5558 can be retrieved for a single Project, or for multiple Projects using Power Tools. For more information on working with Project files after the 5558 is added to PensionPro, refer to the article Files & Documents.
Pulling a 5558 from FTW for a Single Project
Similarly to form creation, a 5558 can be retrieved from ftwilliam.com under any Annual Administration Project that meets the criteria outlined in the overview of this article. The 5558 form cannot be pulled unless it exists in ftwilliam.com.
To retrieve a 5558 from ftwilliam.com:
- Open the applicable Annual Administration Project in a new tab and navigate to the Files view.
- At the top-right of the Project Files grid, select More
PensionPro will attempt to retrieve the 5558 from ftwilliam.com and add it to the Project Files grid. The user will receive two emails from PensionPro: one to confirm that the request has been queued, and another once ftwilliam.com processes the request.
If successful, the 5558 is saved to the Project Files grid with the filename "[Plan Name] Form 5558". In the event of failure, the second notification email will include an attached spreadsheet detailing any issues encountered.
Pulling Multiple 5558s from FTW via Power Tools
Requires Security Rights: Power Tools
In addition to creating 5558s, the Form 5558 Power Tool can also be used to retrieve these forms for multiple Projects with the same Period End date.
To get started, navigate to Power Tools > ftwilliam.com > Form 5558. ftwilliam.com Form 5558 Power Tool opens at Step 1.
Step 1: Options
- Use the I want to field to select Pull Form 5558 from ftwilliam.com.
- Choose a Project Period End date. This will be used to filter Projects in later steps.
- Enter the name for saved 5558 files. [Plan Name] can be used as a placeholder if desired.
- Select Next to continue to Step 2.
Step 2: Filters
On this step, PensionPro will apply a number of default filters so that only eligible Projects can be selected in Step 3. Additional column selections/filters can be applied to further limit the number of results returned; for more information, refer to the article Column Selections & Filters.
When satisfied, select Next to continue to Step 3.
Step 3: Selections
The grid on this step will show the Plan Name, Project Name, Period End, and Completed Date for any eligible Projects, along with any other column selections made in Step 2. This grid also includes a Message column, which indicates if the Plan is linked to ftwilliam.com; PensionPro cannot attempt to retrieve a 5558 if a Plan is not linked.
Select any Projects that should receive a Form 5558 from ftwilliam.com, then select Next to continue to Step 4.
Steps 4 & 5: Review and Finish
Step 4 displays a summary of the changes to be made; review the information, then select Execute.
Once the Power Tool is executed, PensionPro will request the selected 5558s from ftwilliam.com. The user will receive two emails from PensionPro: one to confirm that the request has been queued, and another containing the results once ftwilliam.com processes the request. Further details on each item will be included in an attached spreadsheet.
Once Step 5 is reached, the Power Tool has been completed and the tab can be closed. Alternately, use Start Over to begin again from Step 1.