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Exempt Entity Filed in Error


pr2222

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We represent a church that is exempt from ERISA that filed a Form 5500SF for a funded health plan.  They should not have filed and now we are trying to figure out how to notify the DOL.  If we simply stop filing, the DOL will probably contact us thinking that we should continue filing.  We were thinking about filing an amended return and listing Code 4R on Line 8b but the funding never really changed.  Another option would be to file an amended return and mark it final but then you have to say there were no participants and no assets which really isn't the case either.  Bottom line is how do we get off this roller coaster?

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I experienced something similar with an employer which filed Form 5500 for a pension plan that was never funded.  We did exactly what you suggested: filed an amended Form 5500, marked it as the final return, and attached a letter explaining the circumstances. 

There was no follow up from the IRS or DOL.  For my client, it was a good result and there was some anxiety about since funding a qualified plan would have been a very expensive mistake.  Of course, , but your experience may be different! 

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