PAL

I am hearing from our auditors that based on ASU 2015-12, for fixed income investments like stable value CCT's, contract value will be the new fair value on the plans financial statements. However, at this point I am unclear as to what value we would report on the 5500 for those funds: Fair value calculated based on the value of the underlying assets which is what we've been reporting or would we go back to treating contract value as fair value. Thoughts?

I had a client just recently get back an extension approval with no PN for an extension that was sent on 11/30/2015 - I guess they are VERY behind in getting these processed. (note: the return was filed back in February prior to the approved 2/16/2016 extended due date)

Thanks!

Plan Administrators are only eligible to use DFVCP if they "have not been notified in writing by the Department of a failure to file a timely annual report under Title I of ERISA" so I'm thinking that they would not be eligible to use DVFCP. This is a big change from having the IRS send that first notice! Can you tell us when their 2013 Form 5500 was due as well as the date of the DOL letter/e-mail? I'm interested in seeing how long they waited to send the notice.

Can HCE's be excluded from SEP participation? What about excluding HCE's that are not there on the last day of the plan year from receiving an allocation?

Are you having the plan sponsor sign the extensions or are you doing it on their behalf?

When completing a Form 5558 for a calendar year end plan, are you using 10/17 as the due date since 10/15 falls on a weekend? Relius has is reporting that the IRS is rejecting these requests for extension because the extension period is 2 days longer than the 2 1/2 months permitted. http://www.relius.net/Support/rgfproductnews.aspx?ID=264 I've been doing 5500 for a long time and I don't remember having this issue n the past although I think it's been a while since the extended due date was on a weekend. I'd like to hear back on what date others are using. Thanks. PAL

I loved this... http://www.xtranormal.com/watch/11544914/p...tration-meeting PAL

Well, while I'm waiting for the forms (to be issued"shortly"), I'm having an issue with the SSA sending incorrect notices out to participants. I believe it has to do with the plan name changing. Now people seem to be getting duplicate notices. Has anyone had success in getting a name/phone number of someone in the department at SSA who is responsible for sending these notices? PAL

I am in total agreement. Back on July 30th, I had a 5500 that took 12 hours to get processed. Right then I knew there was a problem - how could they not know and why weren't the additional servers brought in then? When I finally got a call back from customer service on that, they indicated that it was transmission issues at the DOL which we now know was totally untrue. By Wednesday of this week, Relius Web Client had almost come to a complete halt. Nothng loaded correctly, attachments got dropped, at one point it was taking up to an hour to get one plan with attachments loaded validated and sent to client for signature. So great! Thanks for the additional servers but by 3pm on Friday, we had already spent more time trying to get some of these 5500s loaded onto Web Client then we did in preparing the form and our client were totally frustrated, pissed and iritated.

Well if the only problem you're having is with the PIN which can be cut and pasted you’re lucky. I guess you haven't had any of your clients login to Web Client and be pushed from your company branded pages to another company's branded pages where the filings that you produced are sitting with the ones that the other company produced. What about validation errors? The type mismatch 13 error on the Schedule H "can be ignored", who knows what the plan/sponsor name doesn't match 5500 is all about, a missing organization code on the schedule a doesn't produce an error, and schedule a's with multiple pages of commissions may not total correctly (which also doesn't produce an error). Then, the best one yet: if Relius is timing out when trying to transmit the forms to DOL, they set it aside and re-transmit at 2am -3am THE NEXT MORNING. So, for example, filings we submitted at around 3pm on 7/30 were not received by DOL until sometime on 7/31. Well, that was okay for what we filed yesterday but that tells me that anything submitted on Monday, may not be transmitted to the DOL until early Tuesday morning. OOPS! They would be considered late wouldn't they? Tom - are you having the submission timing issue with your software?

I just found this on a plan I was reviewing. Relius keeps the 3E code during the carryforward process so if it is a small plan filer that is moving to a SF, you need to check and change that code otherwise, you're listing it as a one person plan. I would agree that the plans filed with the incorrect code will need to be amended - hope you didn't do to many...

Thanks for the checklist. I'm a Relius user as well. How's it working for you because it's driving me crazy. We are using the Web Client and seem to be able to get H&W plans filed (sometimes) but are just working on 5500 that have attachments. When there is an issue or we have a questions, we get absolutely no response. I'm talking about having a incident reports open for over 3 weeks. Does the IFile work okay? PAL

I've been doing 5500s for more years than I'll admit and I would have agreed with the link you provided. However, this is from the Georgia Department of Revenue FAQ'a: https://etax.dor.ga.gov/inctax/webfaq/faq-exp.aspx#7 Q. Our pension plan/employee benefit plan is filing form 5500 with the IRS. What do we file with Georgia? A. File a copy of the federal Form 5500. Georgia does not have an equivalent Form 5500. For plan years beginning on or after January 1, 2009, the federal Form 5500 and its schedules must be filed electronically under the computerized ERISA Filing Acceptance System. The Department of Revenue does not currently accept these electronically filed returns. Therefore, file a hard copy of the electronically filed federal form with Georgia. I spoke with the state of Georgia Department of Revenue and they insist that the 5500 must also be filed with them.

Georgia requires that each year, a copy of the Form 5500 be filed with the Georgia Department of Revenue. I was unaware of this requirement which, they tell me has been in place for many years. They also said that if a plan has not complied with this requirement, they need to send in at least the last three year worth of 5500 to the DOR. Is anyone familar with this requirement? Are there any other states that have a similar requirement? PAL