Schedule of assets held for investment

[Guest Tara Curran]

I am auditing a MPP Plan that is part of a Master Trust with a 401(k) Plan. How do I report the investments for the MPP Plan on the Schedule of Assets Held for Investment and the Schedule of Reportable transactions . Do I show the entire activity for the Master Trust or do I somehow pro rata just for the MPP Plan?

[Kristina]

The 5500 filing is for the plan only so you will be reporting only the plan's portion of the investments.

[Guest Tara Curran]

So I have to pro rate all the investments between the MPP and the 401(k) plan? That could be a cumbersome task because the plan has numerous investments.

[Kristina]

I believe this has been one of the bones of contention between the PBWA and practitioners. However, the PWBA's position is that the financial institution should be able to determine how much of the assets belong to which plan at a given point in time.

IF the bank filed the MTIA as a DFE, then you could report the plan's total pro-rata share of the assets on line 1©(11) of Sch H. Otherwise, you must list each plan asset. (Be grateful for spreadsheets.)