How often does land need to be valued in a pension plan?

[Dennis Povloski]

For some reason at least every 3 years sticks out in my mind. The land in question is actually in a profit sharing plan, so I'm not sure if that makes a difference or not.

Thanks!

Dennis

[Guest b2kates]

Assets are required to be reported a Fair Market Value annually. It seems to me then that not readily marketable investments would need annual valuations.

[QDROphile]

But who can determine the value? Does it have to be a valuation professional with certain credentials? A person who is involved in the business (e.g. a real estate agent)? An unschooled fiduciary or participant who makes an effort to look at recent comparable sales or otherwise tries to determine value on some reasonable basis and facts?

Does it make a difference if the valuation is only for interim reporting purposes (Frome 5500) and does not affect amounts of distributions or amounts reported for taxation purposes (Form 1099)?