5500 Schedule P

[Guest BNYMTC]

I am a little confused on the filing of Schedule P with the 5500 forms. I have a client who has multiple plans participating in the same trust with each filing their own 5500. Based on my reading and interpretation of the 5500 instructions, I think I need to compelte individual Schedule P's to attach to each 5500. However, there is one sentence that throws my thinking off. It reads "If the trust or custodial account is used by more than one plan, file one Schedule P." This sentence would seem to limit the work I need to do as their is only one trust, but it would also seem to leave many "plans" without an attached Schedule P.

Any thoughts?

[R. Butler]

You only file one Schedule P for the trust.

[John A]

It seems to me that it would be wise to put a note in the files of the plans that did not have a Sch. P attached to their 5500 filings about which plan had a Sch. P attached to its 5500 filing.