Trust EIN number questions.

[wsp]

I recognize that the trust needs an EIN, not the plan but my question is a little different.

I have a client that applied for a EIN number for their plan a few years ago. Since then, they have been filing a schedule P showing that newly applied EIN number as the trust's EIN but all other forms are using the company's own EIN as the plan sponser's EIN. That makes some sense to me and I can buy into that concept, but.....Capital Trust (American Funds) is shown on all paperwork, and admitted that they were in a phone conversation, trustees of the assets. However, they are holding each account separately and they are filing all 1099's and 945's under each individual ssn (which makes absolutely no sense to me!) rather than that plan ein number. In addition, they have never (at least according to my client) provided a signed schedule P. The schedule P that has been filed with the 5500's has been created by my firm and signed as trustee by my client.

Is American Funds remiss in not providing this schedule P with their signature and the plans ein number? or their own ein number?

Can we switch to the plan's ein number now without drawing attention to the plan? Should we even bother? The plan is terminating at end of year anyways. Has anyone else run into this with American Funds?

[E as in ERISA]

For many purposes, the combination of the employer's EIN and the plan number will be reported (e.g., determination letter, Form 5500, SPD, etc.)

The trust's (not the trustee's) EIN will be reported on Schedule P. Assuming there is only one trust, only one trustee needs to sign. But there may be multiple trustees. Check to see who is named in the plan and trust documents, etc. It may be that the employer is named as the trustee and Capital Trust is a directed or custodial trustee of some sort. And it may be more appropriate for the employer to sign.

The Form 1099 will have both the payor's and the payee's TIN (or EIN) and SSN, respectively. It may be the plan administrator, trustee, disbursing agent that is named as the payer on the 1099, depending on who is taking responsibility for the Forms and the withholding. It does not have to be the same party named as trustee on the Schedule P.