How to read a Form 5500
A filing is one PDF: the DOL-rendered form and schedules first, then attachments such as the auditor's report. Open any filing from our Form 5500 search and follow along.
1. Identify the plan
Part II of the form names the plan, its three-digit plan number (001, 002, …), the sponsor and its nine-digit EIN, and the plan administrator with an address and phone number. One employer can sponsor several plans, each with its own number and filing. The administrator is the first contact for a former employee looking for an old 401(k).
2. Count the participants
The form reports participants at the start of the plan year and, broken down, at the end: active employees, retired or separated people still entitled to benefits, and (for 401(k)-type plans) the number with account balances. Separated participants with balances are former employees who left money in the plan.
3. Read the finances (Schedule H or I)
Large plans file Schedule H, small plans Schedule I, and 5500-SF filers report a short version on the form. You'll find net assets at the start and end of the year, employer contributions, participant contributions, rollovers in, benefits paid, and administrative expenses.
- Employer contributions include the match plus any profit-sharing or non-elective contributions. Divided by participants it gives a rough per-person figure, but it is not the match formula.
- Administrative expenses ÷ net assets is a simple cost measure. It leaves out fund expense ratios, which are deducted inside the investments, so a low figure does not mean a cheap plan.
- Compliance questions flag things like late deposits of employee contributions.
4. See who's paid (Schedule C)
Schedule C lists service providers that received $5,000 or more, with service codes (recordkeeping, trustee, investment management, consulting) and direct or indirect compensation. Comparing years shows when a plan switched recordkeeper.
5. Read the auditor's report
Plans with 100 or more participants with balances generally need an independent audit. Note 1, “Description of the Plan”, usually covers:
- Contributions: the match formula (for example “100% of the first 3% of compensation and 50% of the next 2%”), whether it's a safe-harbor match, any true-up, and profit-sharing.
- Vesting: when the employer money becomes yours (immediately, after a cliff, or graded over years).
- Loans, automatic enrollment, Roth and who the trustee and recordkeeper are.
The notes describe the plan as of the audit, which is a year or more old by the time it's public. Plans change; the current Summary Plan Description is the authority. Our methodology explains how we extract and check these fields.
Common questions
Where is the 401(k) match on Form 5500?
The form itself only reports total employer contributions. The match formula is described in the notes to the financial statements in the independent auditor’s report, which large plans attach to the filing, usually in Note 1 “Description of the Plan” under “Contributions”.
How do I find a 401(k) plan’s fees on Form 5500?
Schedule H reports administrative expenses paid from plan assets, and Schedule C lists service providers and what they were paid. Fund expense ratios usually aren’t on the form; they are netted out of investment returns.
Who is the recordkeeper on Form 5500?
Look for a Schedule C provider with a recordkeeping service code. The audit-report notes often name the recordkeeper and trustee too.
General information from public sources, not financial, tax or legal advice.