Form 5500 - Non Governmental Plan

[52626]

Employer established a 457(b) plan ( non governmental) in 2013.

The TPA who drafted the document did not prepare the exemption statement to be filed with the DOL.

Question:

Does the employer file under the DFVC for 2013 and 2014?

If so, do they pay $1,500 and then each each file the 5500?

I thought I read, that the employer could file the exemption know and pay $750. Therefore going forward no 5500s are required.

Thanks

[XTitan]

http://www.dol.gov/ebsa/FAQs/faq_DFVC.html

Q18: How does an administrator of a Top-Hat Plan participate in the DFVCP?

The plan administrator must prepare the statement described in regulation section 29 CFR § 2520.104-23 and file it at the following address:

U.S. Department of Labor
Employee Benefits Security Administration
Top Hat Plan Exemption
200 Constitution Avenue, NW, N-1515
Washington, DC 20210

Note: If a plan sponsor has more than one top hat plan that is participating in the DVFC program at the same time, a single statement covering all of the plans may be filed consistent with the general requirements for top hat plan filings under 29 CFR § 2520.104-23.

The plan administrator must also submit to the DFVC program, either electronically or on paper through the mail or by using a private delivery service.

If submitting to the DFVCP electronically, follow the calculator instructions for online payment at www.efast.dol.gov. Use the plan number 888 for all top hat plans. You will be given a receipt for your electronic submission.

If sending your DFVCP submission to the Program using paper and making payment by check, complete the most current Form 5500 Annual Return/Report (without schedules or attachments), items 1a–1b, 2a–2c, 3a–3c, and use plan number 888 for all the top hat plans covered by the top hat plan filing under 29 CFR § 2520.104-23. The paper copy of the form must be signed and dated, and be accompanied by a check for $750 made payable to the U.S. Department of Labor, and mailed to:

DFVCP
P.O. Box 71361
Philadelphia, PA 19176-1361

There is no address to receive submissions from a private delivery service.

Receipts are not given for payments by check.

Note: A paper submission of the Form 5500 to the DFVC program is in addition to the submission of the statement described in regulation section 29 CFR § 2520.104-22 that is filed directly with the Department. Additionally, the Form 5500 prepared for DFVCP purposes should not be filed with EFAST2.

The applicable $750 penalty cap is for each DFVCP submission, without regard to the number of plans maintained by the same plan sponsor for which the notices and statements are being filed or the number of participants covered by the plan or plans.