nancy Posted October 27, 2008 Posted October 27, 2008 Does anyone know if it is acceptable to use numbers rounded to the nearest thousand on the Schedule B?
mphs77 Posted October 27, 2008 Posted October 27, 2008 Does anyone know if it is acceptable to use numbers rounded to the nearest thousand on the Schedule B? I would think that would be between you and your Actuary. From my experience with Enrolled Actuaries the answer would be NO, but your Actuary may be different.
A Shot in the Dark Posted October 27, 2008 Posted October 27, 2008 I think the answer to that question would depend upon the size of the Plan.
Lori Friedman Posted October 28, 2008 Posted October 28, 2008 I'm not an actuary, so I can't specifically address Schedule B, but I do know that Schedule H amounts can't be rounded to any number above a dollar. Although it's unusual, audited financial statements sometimes round to thousands. You can't use those rounded numbers; you need to trace back to the actual G/L account balances. Lori Friedman
david rigby Posted October 28, 2008 Posted October 28, 2008 I've gone down this road before. Lori's answer is correct. IMHO, using rounded numbers on one schedule of the 5500 and unrounded on another schedule is undesirable. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
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