Guest Jim Jesikiewicz Posted August 3, 2001 Posted August 3, 2001 Do passive trustee's (not direct) need to have a schedule P filled out for the 5500? They do NOT provide any financial information to the plan and do NOT receive any contributions or money at all.
Guest Emiliano Posted August 7, 2001 Posted August 7, 2001 I always thought that Schedule P was optional.
Guest Jim Jesikiewicz Posted August 7, 2001 Posted August 7, 2001 It is optional, trustees of Code Section 401(a) plans (qualified pension, P/S, ESOP) may file. It is more due diligence on behalf of the TPA.
bzorc Posted August 8, 2001 Posted August 8, 2001 Filing the Schedule P also starts the statute of limitations running on the 5500 filing, for audit purposes.
Guest Bandb Posted August 8, 2001 Posted August 8, 2001 What does "due diligence by TPA" mean? Are you suggesting that the TPA is responsible for the filing?
R. Butler Posted August 8, 2001 Posted August 8, 2001 Bzorc has stated the key point. The only real purpose to file from a trustee's standpoint is to start the statute of limitations.
Guest Jim Jesikiewicz Posted August 8, 2001 Posted August 8, 2001 due diligence being that Schedule P is optional and how would an employer know if one should be filed or not. Your client is paying you for the 5500 and to properly look out for their interests ...
R. Butler Posted August 9, 2001 Posted August 9, 2001 To answer the original question the passive trustee should file a Schedule P.
JohnCheek Posted August 11, 2001 Posted August 11, 2001 If you really want to split hairs, the Schedule P does not start the statute of limitations on the 5500, it starts the statute of limitations running on the tax-exempt Trust that is holding the assets of the pension plan. It's important because, if the Plan is somehow disqualified, the Trust becomes taxable. And, it really only needs one trustee, any trustee, to file a schedule P to accomplish that. John Cheek CPA www.cpaSPAN.com
R. Butler Posted August 13, 2001 Posted August 13, 2001 We always list all of the trustees and just have one sign.
JohnCheek Posted August 13, 2001 Posted August 13, 2001 Going back to the original post, what is a "passive trustee" ?? John Cheek CPA www.cpaSPAN.com
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