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Form 5500

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An employee's annuity was excluded from the plan assets on the 2009 Schedule I pursuant to FAB 2009-02.

The employee is rehired in 2010.

How would you add the account back into the plan's assets on the Schedule I? Our guess is 2c, Other Income.

Anyone else encounter this scenario?

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This is one of those contingencies that no one anticipated, but was bound to happen sooner or later. There is no precedent, but I would put it in as a rollover into the plan; treat it as if it were a 403(b) account of any arbitrary company (since it was in FAB 2009-02 status) that was rolled back into the plan upon the participant being rehired.

Not saying anything is wrong with your suggestion, but any reasonable approach should suffice.

Good Luck!


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  • 8 years later...

I'm curious how ag780 treated this.

Similar, but larger, situation - new CPA believes that plan audit would be easier and less costly to actually include all participants that were excluded in past 5500 filings. The question then is how to bring back a significant level of assets. Not sure that showing as a Rollover is the best approach, but showing as the opening balance would have a significant difference from the closing balance of the prior year.

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