How Many 5500s?

[Randy Watson]

Okay, I have a very odd situation. For a number of reasons, which I would rather not get into, I have a nonqualified arrangement that does not meet the top hat exemption because it is considered to be a funded plan. Amounts contributed to the plan are directed to individual trusts (created for each participant) and those contributions are taxable to the plan participants in the year in which they are contributed (these are employee-grantor trusts). Those individual trusts operate under the terms of a general or master trust document.

I believe that we only need one 5500 for this plan. Is that correct or does the fact that we have mulitple trusts change that? Assume that we only need to file one 5550 since it is one plan, what would happen if we added a second plan that used the same master trust...would we then be required to file a second 5500 for that plan?

Told you it was odd.

[Guest b2kates]

why a 5500, since it is taxable to the participant wouldn't it be 1041

[Randy Watson]

I believe ERISA requires a 5500 filing since this is not exempt from the reporting requirements.