BG5150 Posted June 26, 2006 Posted June 26, 2006 The instructions for Schedule SSA indicate that for the participant's balance in 4(h) should be the value at 'time of separation'. Does anyone really put that value in there? Or do you put the balance at the end of the reporting period? Or even just a current vested balance? Does it matter? Your thoughts are appreciated... QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
Guest HiKidsImASrPensionAdmin Posted June 26, 2006 Posted June 26, 2006 We use the balance at the end of the reporting period. The way we are set up, it would be almost impossible for us to get the balance at time of separation.
WDIK Posted June 26, 2006 Posted June 26, 2006 I admit that I do not precisely follow the instructions for Schedule SSA. ...but then again, What Do I Know?
JanetM Posted June 27, 2006 Posted June 27, 2006 Can you say administrative nightmare? No way in the world that we could keep up with 800 to 900 terminations each year. We use the balance at year end. JanetM CPA, MBA
BG5150 Posted June 27, 2006 Author Posted June 27, 2006 For some of my smaller plans, I just take a quick peek at the r/k system to see if they were paid out so far this year. If they were, I just omit them from the form. Think that is okay? QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left.
WDIK Posted June 27, 2006 Posted June 27, 2006 Sure. The instructions indicate when NOT to report a participant. One of the scenarios is if, before the date the Schedule SSA is required to be filed (including any extension of time for filing), the participant is paid some or all of the deferred vested retirement benefit. ...but then again, What Do I Know?
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