Any exceptions for a PBGC trusteed plan?

[smm]

Is anyone aware of any exceptions from the Form 5500 and/or audit requirement for a pension plan that has been involuntary terminated by the PBGC pursuant to Section 4042?

[JanetM]

Not sure I understand. Do you mean the final short year in which the assets and liabilities of the plan are transferred to the PBGC? I don't know of any exeption.

[rcline46]

Do you mean the PBGC took over the plan and is responsible for the benefits? If so then since the plan year has not changed, and now the PBGC is the 'sponsor' of the plan, there is no 5500 due from the 'previous' sponsor.

If the PBGC did not take over the plan, then we need to know what transpired to know what, if any, forms are required.

[smm]

Do you mean the PBGC took over the plan and is responsible for the benefits? If so then since the plan year has not changed, and now the PBGC is the 'sponsor' of the plan, there is no 5500 due from the 'previous' sponsor.

If the PBGC did not take over the plan, then we need to know what transpired to know what, if any, forms are required.

Plan was involuntarily terminated by PBGC during year one and PBGC became trustee of the Plan during the first quarter of year two. It appears to me (unless someone can refer me to an exception) that a Form 5500 is due for both years. Most likely, the audit for year one can be deferred to year two pursuant to the exception for plans with a short plan year, but I cannot locate any general exception for either.

[rcline46]

There is no 5500 due from the original sponsor (nor any schedules) in the year in which the PBGC takes over the plan. At least we have never prepared one!