Unreported Insurance Account

[Guest rachd]

For the past 5 years or so (since the plan has been in existence), one participant had a life insurance account set up that has a monthly deposit of his employee contributions. We were unaware of this separate account but had been reporting the correct contribution amounts (just showing it going into the other deferral account with the rest of the plan assets).

Do I go back and amend all those 5500's or how do I now start reporting this life insurance account? It has a balance of approx. $1800 so our past values of plan assets have been off. I'm just not sure how far to go back or where I should fix it.

Any advice you can provide is greatly appreciated!

Thanks,

Rachel