2012 Schedule SB - Amend or not amend?

[rblum50]

In reviewing a Schedule SB for 2012 for a CY plan, I noticed that there was a typo on the Valuation Date. It indicated 12/31/2012 when it should have been 01/01/2012. The numbers are all correct, but, it is just that this date was put in incorrectly.

Question: Should I amend the 2012 filings and re-submit or just let it go and if the gov't calls me on it, explain that it was just a typo and that would be the end of it?

[Andy the Actuary]

Suppose you amend it and re-submit, which presumably you'd need to have the 5500 resigned? Then, in two weeks you find another typo. Then, next year you find another typo.

[Peter Gulia]

Would "the numbers" on the Schedule be the same numbers if the valuation date had been December 31, 2012?

[My 2 cents]

Would "the numbers" on the Schedule be the same numbers if the valuation date had been December 31, 2012?

I suspect that that would be most unlikely. Would that make you lean towards amending the filing or towards not amending?

Suppose that the plan covered 100+ participants and beneficiaries, and a valuation date of 12/31/12 would have been impermissible. Would that make not amending the filing more reasonable or less?

[david rigby]

Caution. If the 2012 date was a typo, what was on the 2011 filing? If 2011 filing had 01/01/2011, then doing an amended filing might be easy and advisable. If not, then you are faced with a different problem (or two).

Consider asking this question of the IRS thru retirementplanquestions@irs.gov?