Guest jhilliard Posted July 23, 2003 Posted July 23, 2003 We have a provider that prepares our 5500, they have just completed it and sent it over but there is not a schedule P. I questioned this with them and they replied that it is not needed due to the fact there are no loans (the plan does allow for loans). Is it OK to file without schedule P? I thought it was always submitted? Any comments would be appreciated Thanks
WDIK Posted July 23, 2003 Posted July 23, 2003 At least one reason to file the Schedule P is so that the statute of limitations will start to run. (I'm confused by the loan comment.) ...but then again, What Do I Know?
Guest jhilliard Posted July 23, 2003 Posted July 23, 2003 WDIK - I don't understand the loan issue either, but this is word for word what the provider stated.
R. Butler Posted July 23, 2003 Posted July 23, 2003 The Schedule P is not required, but as WDIK points out it starts the Statute of Limitations. Whether or not there are loans is irrelevant.
E as in ERISA Posted July 23, 2003 Posted July 23, 2003 The Schedule P has to be signed by the Trustee, so you usually obtain that from the Trustee not the Form 5500 preparer. Maybe there are some trustees who don't consider themselves as holding the loans, so the service provider prepares an unsigned Schedule P so that a company fiduciary can sign?
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