5500 after PGBC takeover

[Guest mickiemurphy]

I'm filing a final 5500 after a PBGC takeover due to duress of the sponsor. How is this reported on the 5500 Schedule H? I get that I need to mark 4k as "yes" but where do I show the asset distribution? Transfer of Assets from this plan? Then do I show PGBC as recipient plan? And I assume that the plan is also considered terminated since the employer is no longer the sponsor.

Thanks!

[chc93]

We had a company go bankrupt and PBGC took over trusteeship of the plan. We were told that when PBGC takes over, the sponsor requirement for Form 5500's end. We never filed a Form 5500 (final or otherwise) after the PBGC took over. If the sponsor of the plan you're working with is still in business, I don't know if our experience applies. But, if the PBGC has control of the plan, it seems the sponsor's responsibility for filing Form 5500's had ended.

[david rigby]

That is my experience also.

However, if there are any delinquent 5500's for prior years, the EBSA may still want someone to file those. Ask.