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The General Instructions for Schedule MEP states "All MEPs must complete Parts I and II to indicate the specific type of plan or arrangement..." Under Who Must File it states "Schedule MEP (Form 5500) must be attached to a Form 5500 or Form 5500-SF filed for a pension plan that checks the “multiple-employer plan” box on Part I of Form 5500 or Form 5500-SF..." My MEP experience is limited to closed MEP's so I'm looking for some clarity. Are participating employers in an open MEP required to file Schedule MEP with their 2023 Form 5500-SF's? The MEP administrator is saying no, because they have never checked the multiple-employer plan box on Part I of the Form 5500-SF.
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I can't find guidance in the 5500 instructions or the 5500 Preparer's Manual, so I'm looking for opinions - or maybe something I've missed. Two questions: 1. If the only loans in a self-directed 401(k) plan have been deemed distributed in a prior plan year (not offset), is 10g answered yes or no? For example, the only loan in the 401(k) plan was deemed distributed in 2022 - should 10g be yes on the 2023 Form 5500-SF? 2. Do outstanding balances for loans that have been deemed distributed (not offset) continue to be included in the amount on line 10g? I'm leaning towards yes, and yes, but I have nothing to back me up. Even though they are deemed, they are still participant loans, but since they are no longer reported as assets on the 5500... I'm torn.
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- loans
- deemed loan
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" If your welfare plan (medical, dental, life insurance, disability, etc) has under 100 participants at the beginning of the year, you are exempt from filing Form 5500 if it is (a) unfunded, (b) fully insured, or (c) a combination of insured and unfunded. But wait, there’s more. The instructions to the 5500 toss in the following: "see 29CFR 2520.104-20." If you whip out your copy of the CFR, you will see an "and", as in "and for which, in the case of an insured plan—— (i) Refunds, to which contributing participants are entitled, are returned to them within three months of receipt by the employer or employee organization, and (ii) Contributing participants are informed upon entry into the plan of the provisions of the plan concerning the allocation of refunds." Based on the above rules for insured plans with under 100 participants being exempt from 5500 filing - has anyone run into someone getting fine for failure to file it they failed to address refund allocations? Did MLR requirements from the ACA address this enough that having the refund allocation detail in the SPD is unnecessary to still have the 5500 exemption? Has anyone ever had this issue come up post MLR/ACA as a road block to small fully insured plan exemption? I ask because I see many small insured plans that are not filing and do NOT have any reference to refunds or refund allocations. Some are claiming the MLR rules negate this since they dictate the refunds.
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Start-up plan in 2020 expected to be a solo(k) plan covering only owner & possibly spouse (who did not work in 2020). Eligibility is age 21 & 3 months elapsed time, monthly entry dates. Owner actually hired a part-time employee in July 2020 who became eligible in November, and terminated in December. Testing determined no contributions were required for this NHCE employee. So the participant count on 1/1/20 was 1 (owner only) and count on 12/31/20 was 1 (owner only). Assets were under $250k the entire year. Does this plan need to file 5500-SF or can they use 5500-EZ and not file for 2020 due to assets under $250k?
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I am just trying to gauge how other companies handle 5500's. Does anyone work for a company that automates 5500's or has them somehow pre-filled with information provided during the annual compliance review? If so, what software is used?
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Father (88%) owner and adult Son (12%) owner are the only employees of company X. They are a corporation and not a partnership. The two make their contribution as a real estate investment with no eligible plan assets. Does this need to be filed with a full Form 5500 or can it qualify for a title 1 waiver?
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Hello, On line 8f on the 5500 SF, many TPAs are using the actual fees that appear on brokerage statements to complete the information needed for line 8f. What about investment advisory fees that are not appearing on statements? Are other TPA's not reporting these fees on 8f? really, we are looking for clarification on what fees are being listed fro brokerage accounts. Any insight would be appreciated.
- 2 replies
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- fees
- commissions
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