Claiming Small Plan Audit Waiver on From 5500 & Preparing SAR / AFN

[AdKu]

On of my client administers  a small plan and files From 5500-SF.

Therefore, a check mark was put for the last section of Part II - Section 6(b) of the Form 5500-SF that asks whether the plan calims small plan audit waiver.

On the SAR and AFN, there is a similar question about whether the plan claims a small plan audit waiver. 

 

One of my co-worker is telling me it is not required to list the names and amounts of the publicly traded mutual funds that the plan asset is invested in those regulated financial institution.

 

Don't I have to list the names of the regulated financial institution , for instance WellsFargo Government Securities, and the amount were the plan asset is invested on the SAR and AFN?

[401_noob]

I've always known it to be a requirement for the SAR.

This link has an explanation beginning on the very bottom of the left hand side and going over to the top right hand side on the first page.

It explains that Except with respect to qualifying employer securities, participant loans and qualifying self-directed accounts, the name of each regulated financial institution holding (or issuing) qualifying plan assets and the amount of such assets reported by the institution as of the end of the plan year;

http://www.asppa.org/Portals/2/PDFs/Board of Directors/00-38.pdf 

 

[Bird]

1 hour ago, 401_noob said:

It explains that Except with respect to qualifying employer securities, participant loans and qualifying self-directed accounts, the name of each regulated financial institution holding (or issuing) qualifying plan assets and the amount of such assets reported by the institution as of the end of the plan year;

This is accurate but I'm not sure about the conclusion.  First, note that qualifying self-directed accounts don't need it, and second (for a pooled account), note that it says "regulated financial institution," not "investment."  So if the assets are held in a Wells Fargo brokerage account, you would just say "Wells Fargo Securities" and not list each investment in the account.

[BG5150]

I agree with Bird.  You don't put self-directed accounts (whether they are brokerage accounts or those held at one of the big "record keepers") on the SAR.  For the pooled portion of the assets, you only need to list the companies and how much is held at each place.  For example:

 

Merrill Lynch $1,300,504

Charles Schwab  $704,608

Santander Bank $100,000