5500s

[fidu]

what is the timeframe for filing an amended 5500 form for a pension fund?

[Guest b2kates]

what are the facts that warrant the amendment?

I believe, reasonable time after discovery of changed facts.

[fidu]

are there regulations dealing with the time frame? i have not been able to find any guidance on what that time frame would be.

is the VFC program applicable to wrong/not filing the 5500s?

[Guest LWilson]

The rules for the VFC program are outlined in the Federal Register, Vol. 67, No. 60. If you want to print the pdf file and review the program, go to www.benefitslink.com/DOL/volfiductext.pdf

There is also a fact sheet that may be applicable to your filing question at: www.DOL.GOV/PWBA/Pubs/0302Fact_Sheet.html

[Belgarath]

Can't tell from the information given, but I think it is possible that you want the DFVC program, not VFC. But could be either depending upon your problem!No specific timeframe fro DFVC, except that once the DOL has notified the client of their intent to assess a penalty, then they are no longer for DFVC. And it won't cover criminal violations, etc...

Penalties under DFVC are really pretty reasonable, as these things go. And the IRS agreed not to impose their penalties if you are eligible for and comply with DFVC. (IRS Notice 2002-23)

[fidu]

many thanks

[jaemmons]

I have always used the basis for an audit of the 5500. Therefore, as long as schedule P has been filed, the statute of limitations starts for three years. If the data is wrong from more than three years, I wouldn't worry about it.

[fidu]

I must admit, im not entirely clear on what information is captured in a schedule P. Any clarification would be greatly appreciated.

[Guest LWilson]

The Schedule P identifies the Trustee, but it also gives the plan fiduciary a safety net by indicating the beginning of this "statute of limitations period" jaemmons referred to.

For a majority of 5500 filers the statute of limitations period is just not an issue. But if a retroactive disqualification event occurs, or certain other "taxable events" were assessed a Plan after the filing date of the 5500, no court proceding would be permitted if this three year statute of limitations period has passed. The signed & filed Schedule P is a paper "timer."

[david rigby]

Form 5500 instructions can be found here.

http://www.dol.gov/pwba/pubs/forms/formmain.htm

[fidu]

gotcha - thanks.