Amended filings??

[Guest Factster]

Employer adopts the following plans in 1997:

1. Standardized prototype plan -- excludes union employees.

2. Nonstandardized prototype plan -- covers union only.

However, there was only one 5500 form ever files, that was for plan #1, the standardized plan. The 5500 filing reported plan assets that were equal to the assets of plan #1 and #2.

The error is caught in 2002.

Is the proper corrective action to file amended 5500s for plan #1 for all the years involved (1997 - 2001) and to prepare a late filing under the DFVC program for plan #2 for the same years?

[Mike Preston]

That is probably the "proper" way to do it, but I might give some consideration to having the single form amended into the filings that were supposed to take place. Call somebody at the DOL. I would think that since the entire asset pool was reported you have at least some chance of getting them to go along with it.