Jump to content

Search the Community

Showing results for tags 'Form 5500'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type

Forums (Message Boards)

  • Retirement Plans
    • 401(k) Plans
    • Defined Benefit Plans, Including Cash Balance
    • Retirement Plans in General
    • Distributions and Loans, Other than QDROs
    • IRAs and Roth IRAs
    • 403(b) Plans, Accounts or Annuities
    • Cross-Tested Plans
    • Correction of Plan Defects
    • SEP, SARSEP and SIMPLE Plans
    • Qualified Domestic Relations Orders (QDROs)
    • Employee Stock Ownership Plans (ESOPs)
    • Plan Terminations
    • Governmental Plans
    • Plan Document Amendments
    • 457 Plans
    • Investment Issues (Including Self-Directed)
    • Operating a TPA or Consulting Firm
    • Estate Planning Aspects of IRAs and Retirement Plans
    • Continuing Professional Education
    • ERPA (Enrolled Retirement Plan Agent)
  • Issues Spanning Multiple Types of Plans
    • Form 5500
    • Communication and Disclosure to Participants
    • Litigation and Claims
    • Church Plans
    • Securities Law Aspects of Employee Benefit Plans
    • Mergers and Acquisitions
    • Multiemployer Plans
    • International, Expat Benefits
    • Miscellaneous Kinds of Benefits
  • Health & Welfare Plans
    • Cafeteria Plans
    • Health Plans (Including ACA, COBRA, HIPAA)
    • Health Savings Accounts (HSAs)
    • VEBAs
    • Other Kinds of Welfare Benefit Plans
  • Executive Comp; Section 409A
    • 409A Issues
    • Nonqualified Deferred Compensation
  • Miscellany: Other Than Employee Benefits
    • Using the Message Boards (a.k.a. Forums)
    • Humor, Inspiration, Miscellaneous
    • Computers and Other Technology
  • User Groups (Unofficial)
    • ftwilliam.com
    • Relius Administration

Find results in...

Find results that contain...

Date Created

  • Start


Last Updated

  • Start


Filter by number of...


  • Start





Website URL






Found 19 results

  1. We have a new client for 2022 that has a profit sharing plan. There have been no contributions to the plan since 2017 (there will be no future contributions) and in the adoption agreement we prepared for them effective 1/1/2022 we indicated that the plan was frozen on 1/1/2022. Their previous TPA never amended their adoption agreement to show it as frozen. We aren't terminating the plan because there are several investments (real estate, private equity) that are not liquid and for some reason the owner doesn't want to find an IRA custodian to deal with it. When the plan was established in 2013 there were two 50/50 partners and no employees. They filed Form 5500-EZ's from 2013 through 2017. They hired an employee mid-2017 who became eligible for the plan on 7/1/2018 but has never received a contribution so has no account balance. They have filed Form 5500 (Schedule I) from 2018 - 2021. Partner A bought-out Partner B mid-2021 and Partner B's profit sharing plan account balance was rolled-over to an IRA on 12/31/2021. Now we have a single-member LLC as a plan sponsor for 2022 with one account balance and one employee who does not have an account balance and never will. Can we file Form 5500-EZ for 2022 forward or are we stuck with Form 5500? I am questioning whether or not the employee needs to be considered a participant because while the plan was not amended to be frozen, it has been frozen for all intents and purposes since 12/31/2017 which was before she became eligible.
  2. I have received a referral client from a CPA friend of mine. Client had not filed Forms 5500 for several years. When the CPA became involved he prepared and filed 5 years worth of Forms 5500 but not through the Delinquent Filer Program. Client has now received notices from IRS wanting lots of money. And it appears that this is probably not the first time the client has been delinquent (many years ago). Has anyone been successful with "after the fact" going through the delinquent filer program? Or does anyone have any suggestions? Thanks in advance.
  3. Hi all, CPA here working on a Form 5500 audit (new account for us). The Plan is a defined contribution profit sharing plan that owns four life insurance policies with a total cash surrender value that comprises ~40% of plan assets. Are these contracts required to be reported on Form 5500 at cash value? I am being told by the Plan's third party administrator that they have never been reported as Plan assets because Form 5500 Schedule H Part I it states: "Do not enter the value of that portion of an insurance contract which guarantees, during this plan year, to pay a specific dollar benefit at a future date.". I am hoping to get some insight and/or pointed to some guidance as I am not too familiar with qualified plans that offer life insurance. I have had a few in the past where the value has been reported but the value was not significant to the plan, so it was never a sticking point with respect to our report. Any help would be greatly appreciated!
  4. Hello, VSP (as well as other carriers) report on their Schedule As as if the contract is experienced-rated even though the contracts are confirmed non-experienced. This is causing a bit of confusion and frustration for the Plan Sponsors. Delta Dental use to conduct their Schedule As in this manner and have since reverted back to just reporting the premiums, commissions, etc for non-experience. By chance has VSP made any declaration on why they have switched their approach? Any insight would be greatly appreciated.
  5. Can you check both the 'trust' and 'general assets' boxes on line 9? A Health and Welfare plan with a trust (VEBA) pays for some expenses out of the trust, but pays others out of general company assets. Would you check both? TIA
  6. Prior trustee probably committed prohibited transaction but not all facts are in so there is small chance he did not. Has either the IRS or DOL published any guidance as to when prohibited transactions must be reported.
  7. Hello! I have a small business and a plan with no assets set up as part of a ROBS from personal retirement funds. I've had a company file form 5500 each year. Almost 5 years in business and we do not have any assets in the plan--I don't take a salary, there haven't been any profits, the admin is too much for my small business. I would close the business but it does pay off the bank loan and my personal guarantee on the 10 year lease. A company that specializes in using personal 401K funds to start a business (ROBS) helped me set up and borrow from my retirement funds. The $150K I borrowed is likely gone given our current lack of profits and trend. The monthly fee to my company is a cost I need to verify whether it's necessary, if some shortened form (no census) would be acceptible and/or DIY. OR, if partnering with the same person each year would be a smoother process. However, finding anyone familiar with this kind of financial instrument has been difficult. Is filing the form 5500 necessary given the lack of assets? I've read less than $250K is not necessary to file. The company who files for me yearly always is puzzled but I still fill out a census of every employee, assign a value to company by best guess method. It's always someone different handling the filing than the last year, it takes several emails/phone calls to clarify that although we have revenue, we are either losing money or realizing less than 10K profit/year on 1 million in sales and I have no extra time to make a 401K part of employee benefits. The company I employ specializes in ROBS but the process seems too expensive for a once/year filing ($130/month + filing fees of another $150 or so). I need to streamline and although this let me start a business when banks weren't lending to small business, I've had to accept the $150k is gone. Apologies if this isn't the appropriate forum, I wear a lot of hats. I appreciate professionals weighing in on alternates or if staying the course is recommended. Trying to sever ties with the admin company got me several letters of gloom and doom from them. Any insight would be very appreciated.
  8. Hi All - I recently saw 403(b) Plan documents stating that that it is a non-ERISA Plan. I am looking for some clarification related as to whether it is in fact a non-ERISA 403(b) Plan. (The documents were from 12/2008.) The documents state: WITHDRAWAL RESTRICTIONS: Except in the case of hardship, disability & distributions [from a separate account under a TSA for rollover contribution...] no distribution will be made to a Participant under any TSA maintained under the Plan until the Participant has attained age 59 & 1/2 or had severance of employment with Employer ... whichever is earlier. HARDSHIP WITHDRAWALS: As part of its certification, each Provider must agree that it will not approve any hardship withdrawal unless the participant has provided the Provider with specific information to support the existence of an immediate & heavy financial need that qualifies for hardship withdrawal and the amount necessary to meet the financial need. In the absence of information to the contrary, the provider may rely on a Participant's representation that the immediate & heavy financial need may not be reasonably satisfied from other sources. However, the Provider must promptly notify the Employer (or designated representative) of any hardship withdrawal by a Participant. The Employer will notify the Provider if the Employer has information inconsistent with the Participant's hardship request, and the Provider must agree to take corrective action if so notified. A Participant will not allowed to make salary reduction contributions during a 6-month period commencing no later than 30 days after the date such Participant receives a hardship withdrawal under a TSA. DISABILITY: As part of its certification, each Provider must agree that it will not make any distribution to a Participant by reason of disability unless the Provider has received satisfactory evidence that the Participant has become disabled within the meaning of Code section.... While it appears that the language in the documents is statutory in nature, I want to be certain that the Plan document(s) are not violating the rule that "all rights under the contracts & custodial accounts are enforceable only by the participant" as is required for non-ERISA PLans. What do you think? Also, if you think the Plan is non-ERISA, do you believe that no Form 5500 needs to be filed, even if the total PLan assets exceed $250,000 (over $500,000) w/ 15 paticipants? Your comments are appreciated. JD
  9. Am reviewing Form 5500-SF for American Funds Recordkeeper Direct Platform. On their trust report the only fees that are broken out are the distribution fees we charge as TPA to participants. Instructions for Line 8f of Form 5500 SF would imply we need to report administration fees paid to American Funds and investment fees paid to advisers (brokerage services). This information is not readily available. Wondering what anyone else may be doing other that reporting what is on the Trust Report. Thanks.
  10. I understand that filing Form 5500 begins the running of the statute of limitations for an ERISA Plan IRS audit. A governmental DB plan, however, is not subject to the Form 5500 filing requirement. Any leads on what starts the running of the SOL for a governmental DB plan?
  11. I have a question about the filing of a final Form 5500 after a 401k plan termination. All assets of a 401k Plan Sponsor are being purchased in an asset sale and while the Plan Sponsor legal entity will continue to exist for a period of time, there will be no employees. The Plan Sponsor is terminating all benefit plans, including the 401k, as of the day of the transaction. The Buyer is not assuming any of the Plan Sponsor's benefit plan liabilities in the purchase agreement. Clearly it will take some time for the 401k assets to be distributed after the plan termination date. So who files the Final Form 5500 in a situation like this? I would assume the Plan Sponsor is responsible for the filing as long as the entity is still in existence at that time, right? Would the Buyer have any responsibility? I'm curious how others have seen this handled. Thank you!
  12. Are federal tax withholding amounts reported separately from distributions on Form 5500 Schedule H?
  13. Assembling detailed Sched H information .. any resource with detailed instructions, e.g. how do company stock, stock dividends, annuities, insurance get reported?
  14. A MEWA that is not an ERISA welfare benefit plan can file one Form 5500 on behalf of all employers who purchase benefits from the MEWA if the MEWA is a group insurance arrangement ("GIA"). A GIA is an arrangement that: 1. provides benefits to the employees of two or more unaffiliated employers; 2. fully insures one or more welfare plans of each participating employer; 3. uses a trust or other entity as the holder of the insurance contracts; and 4. uses a trust as the conduit for payment of premiums to the insurance company. See DOL Reg. 2520.104-43 and 2520.104-21. I'm trying to figure out what kind of trust must be used (numbered paragraph 4 above) in order for an arrangement to qualify as a GIA. Can the trust be a taxable trust, or must it be a tax-exempt trust? For what purpose must the trust be established? It is only for accounting purposes? Any insight or thoughts are greatly appreciated!
  15. Is as loan used to acquire stock for a leveraged ESOP reflected on Form 5500, Schedule I under total plan liabilities? From what I could find my conclusion would be "no." But, I don't see anything definitive in the Form 5500 instructions. Thanks.
  16. The Form M-1 asks whether the entity is a plan MEWA or a non-plan MEWA. However, the 2014 Form 5500 does not make any distinction between the two The instructions to the 2014 Form 5500 simply says that the MEWA file the forms and attach a list of the employers, their EINs and an estimate of each employer's percentage of contributions. So the $ 64 question is, in the case of a non-plan MEWA, does each employer have to file their own Form 5500. An argument could be made (a bad result for the employers) is that the non-plan MEWA is a DFE and each employer has to file their own Form 5500. Assuming the non-plan MEWA is self funded with a trust, there would be no exemption from the filing requirements for each employer regardless of size since the plan would be "funded." As a practical matter, each employer would not be able to complete the financial data on the Form 5500 and those with over 100 participants would not be able to obtain an audit reporting listing their own claims, etc. In short, we do not see how the individual employers would be able to comply with the reporting requirements. Our review seems to strongly suggest the Form 5500s are being filed at the MEWA level and individual employers are not filing their own Form 5500s. Any insight would be appreciated!!!!!
  17. I have a plan that will be officially terminated by 7/31/15 (all plan documents updated for current legislation and all plan assets distributed). Of course, this will require a short plan year 2015 Form 5500 that will be due by February 28, 2016 (without extension). Am I reading the 2015 Form 5500 and 5500-SUP instructions correctly in that I CANNOT file the short plan year 2015 Form 5500 on the 2014 Form 5500 because the Form 5500 is not due until after December 31, 2015 (February 28, 2016)? I must wait for the 2015 Form 5500 and Form 5500-SUP to be released? My client is in a huge hurry to be "completely done" with this retirement plan and will not want to hear that they must wait until early 2016 to file the final Form 5500. Is there not a way around this?
  18. helloobb

    Schedule H

    I want to know where I can list the Personal Choice Retirement Account (PCRA) gains on the Part II Income and Expense Statement on Schedule H. Should I post it as unrealized appreciation of assets which is on 2(5)(B) Other? Thanks,
  19. I'm trying to price out yearly cost for the FTWilliam software, but the pricing scheme seems convoluted online. Would love to find out what the cost per plan is for other users here. Seems like FTWilliams severely punishes smaller firms for filing fewer plans. <=15 plans ($460-$30/plan), 16-250 plans ($42-$3/plan). Also confused as to whether they are charging for users and plans, or just plans within the firm. For example, here are some details: 2 unique users filing 6 plans each. Is our pricing $38/plan ($460/12), or is it $76/plan ($460*2 / 12) Thank you for your help
  • Create New...