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Annual Tax Returns for a Government Plan- what replaces the 5500, if a


Guest PALAWYER
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Guest PALAWYER

Government plans are exempt from ERISA. What reporting obligations exist for a government plan as far as any required filings with the IRS or any other federal agency.

Please advise.

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You do not need to file any reports with the federal government that are similar to the 5500's. However, in Pennsylvania (if your username indicates that your from PA) you need to file forms with the Public Employee Retirement Commission. The contents of the forms are governed by Act 205 or Act 293, depending on the type of governmental entity sponsoring the plan.

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Guest Ralph Amadio

In California, AUDITED reports must be filed with the State Controller's Office, and of course GASB 25 & 27 with GASB for DB Plans

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  • 7 months later...

Our (California) plan files annual reports with the State Controller's Office, and they conform to GASB 25 (they're standalone financials), but is there some requirement to file something with the GASB?

We submit our audited CAFR to the GFOA, but that's voluntary.

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Here's a link to the IRS announcement that governmental retirement plans do not have to file Forms 5500. Note, however, that it applies only to retirement plans; it appears that a governmental flex benefits or premium conversion plan may have to file Forms 5500.

Employee benefits legal resource site

The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.

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Guest Ralph Amadio

Section 6039(d) does require governmental plans defined by "certain fringe benefit plans" which include 125 and other related plans to file form 5500. To my knowledge, this is the only reporting required, other than the requirements of GASB 25, 27 and now GASB 34.

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Thanks for the citation, Ralph--I knew it was out there, but didn't have it handy at the time. (I know, after this many years, I ought to have the whole Internal Revenue Code memorized--but then again, they keep changing it on me.)

Employee benefits legal resource site

The opinions of my postings are my own and do not necessarily represent my law firm's position, strategies, or opinions. The contents of my postings are offered for informational purposes only and should not be construed as legal advice. A visit to this board or an exchange of information through this board does not create an attorney-client relationship. You should consult directly with an attorney for individual advice regarding your particular situation. I am not your lawyer under any circumstances.

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