Guest koo Posted January 19, 2010 Posted January 19, 2010 The Union who works for my company has been requesting the right to see the Form 5500. We are in the process of revising it. Is there any code that allows us to delay the Union's right to see the Form 5500 without divulging that we are revising it? We will give it to the Union after it has been revised, but we need time to process it.
Guest SWH Posted January 20, 2010 Posted January 20, 2010 When you say that you are revising, do you mean that you have not finalized it and it is still in process or do you mean that you are amending? Form 5500 is a public form so they have a right to see it. If you do not have it completed yet, then send a written response back saying that it is not completed, but that as soon as it is filed, you will respond to their request to view. The same with the amending process as well. It's not like they are not going to know that you amended it because you have to mark it on the Form 5500 that it is amended and only replace the forms that are being amended. So even at that point, they would have to see parts of the old filing (if not all of it) and all of the new filing for a completed Form 5500. I would just make sure to have a written response to them to show that you did respond within the prescribed time periods.
Guest Form5500Guru™ Posted January 26, 2010 Posted January 26, 2010 I agree with SWH. The Union has the right to request a copy of the Form 5500. its Schedules and attachments. A lot of plan sponsors amend the filing, so it's not really a big deal. Just send a letter to the Union explaining that the filing is being amended, when you expect it to be refiled and that you will provide them a copy of that filing. They might want a copy of the original and the amended. Remember the Form 5500 is a public document and participants can also obtain a copy from the DOL. Work with them and it will not become a bigger issue then it needs to be.
david rigby Posted January 26, 2010 Posted January 26, 2010 Some collective bargaining agreements state that the union "will be provided" with a copy upon completion of the filing. 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.
RCK Posted January 28, 2010 Posted January 28, 2010 And remember that the Schedule SSA is NOT public.
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now