Can a qualified plan (profit sharing) be custodied in trust account?

[Guest LaurenG]

Apparently, the custodian does not offer tax qualified accounts because of the potential accounting regulations that might be imposed upon brokerages for custodying such accounts. The available option is a trust account but trusts have year end 1099 reporting. Can the existing tax qualified plan set up account at new custodian because there is a way to account for these circumstances? Any additional filings in conjunction with 5500?

[david rigby]

Apparently, the custodian does not offer tax qualified accounts ...

Lots of choices. Get another custodian?

[Bird]

IMO it is a plan "and trust" so a trust account is ok. The 1099 reporting won't hurt anything (be sure to have a separate ID # for the plan/trust; don't use the employer ID, although my understanding is the IRS doesn't do any reconciling of investment 1099s to employers anyway). You might be able to ask them to suppress 1099 reporting anyway.

But as noted, you might want to just go elsewhere.