Additional exclusions are permissible, subject to satisfaction of IRS requirements on minimum coverage, nondiscrimination and vesting.
Distributions taken before age 59 ½ are subject to an additional 10% excise tax, unless:
Minimum required distributions are determined in accordance with IRS regulations and tables. Generally, they are computed by dividing the participant’s account balance by the life expectancies of the participant and the designated beneficiary.
There is a 50% excise tax on any portion of a minimum required distribution that is not taken.
Example: A qualified retirement plan with a calendar plan year must file its 2012 Form 5500 by July 31, 2013 (without extension). With an extension, the due date can be extended to October 15, 2013.