I work for a single employer who has a a 401k plan with Nationwide Trust Company. How do I know if our plan invests in a master trust agreement and need to comply with FASB ASU 20116?
Reading a description from Nationwide, it looks like our plan has it's own trust which then invests in assets, here is the description they provide
How unit value reporting works
Individual mutual fund investors purchase shares. To obtain their market value, they take the number of shares they own and multiply them by the net asset value (NAV) of the mutual fund.
It works differently with a trust program (like your company’s retirement plan). The trust is created as part of the qualified retirement plan to own and manage the plan’s assets. Plan participants do not own individual mutual fund shares, rather they own units as a proportionate interest of the plan’s assets.
Any input is appreciated.
Thank you
