Schedule T

[MBCarey]

My firm just took over a plan from an accounting firm who always did their own 5500's. One the Schedule T, they checked Box 3(d) indicating that all nonexcludable employees benefit. The document has a last day rule on both the Match and Discretionary PS.

Although when testing the 401(k) piece is 100%, but the 401(m) and the profit sharing piece are not.

Had I done the 5500 in the past I would not have applied the exceptions and completed the entire form.

Am I crazy?

Marybeth

[Guest Lex]

You are not crazy. The Schedule T was prepared incorrectly. I had the same thing happen for a New Comp plan requiring 1000 hours and employment on the last day.