5500 Reporting when plan contract year changes

[Guest dragonflier]

How does an employer file 5500 when their contract year changes? For example, for years, the 5500 was filed on a calendar year basis, but the contract year with the carrier was October thru September. Last year, the employer extended the contract to 15 months so that the contract year would end in December and thereafter, they would have a contract year equal to a calendar year. The question is about reporting the extra three months since 5500s only allow for a 12 month reporting period.

[Archimage]

What exactly are you talking about? Are you referring to the insurance contract and Schedule A?

[Guest dragonflier]

The insurance contract runs October thru September. The employer has been filing using a calendar year, but the contract year information. Both are 12 months.

Now, they have 15 months to report and need to know how to do it, or if they even need to since they have been using a calendar year. The ERISA plan year is calendar.

Does that make it clearer???

[Archimage]

You should file based on the contract year that ends within the plan year. In your case it sounds like the contract date was extended to 12/31. I am assuming you are receiving two parts of information from the insurance company. I would consolidate both of these to reflect your schedule A information for the 15 month period.

[E as in ERISA]

dragonflier -- Note that I believe that Archimage is talking about how to fill out the Schedule A. The Form 5500 itself is always completed on the plan year basis, not contract year.

[Archimage]

That is correct. Sorry for the confusion.

[Guest Lynnemarie]

Sounds like you need to file for a short plan year since plan year is changing and you can't file on a 15 month basis.

For example, 2003: 10/1/03-9/30/04. Then file short year 2004: 10/1/04-12/31/04. Then 2005 and forward is CY.

[Guest Lynnemarie]

Never mind, just saw already filing on a calendar year!