Reporting Life Insurance and Annuity values for 412 Plan

What is the cash value of life insurance and annuity policies to show on Form 5500 for a 412 plan?

The 5500 reporting instructions are not very clear.  Would it be Accumulated Cash Value, Cash Surrender Value, ....?

Also, I saw one post about not even having to post the value of annuities.  That doesn't seem right but I can't find anything definitive.

Any thoughts? Thanks.

It would be the Cash Value without regard to the Surrender Value.  The rational is in a Defined Benefit Plan the assets are being used to provide monthly income, therefore the annuity is assumed to be annuitized.  When annuitizing an annuity, the surrender charge is not applied.  The reality may be different.  I would be curious to learn of a different approach.

Why not use fmv?

Mike:  The Fair Market Value is used when the annuity contract or life insurance contract is distributed from the Plan.  It is the FMV that is used for tax purposes to the individual.  

Thanks! I appreciate your input.

7 hours ago, ErnieG said:

Mike:  The Fair Market Value is used when the annuity contract or life insurance contract is distributed from the Plan.  It is the FMV that is used for tax purposes to the individual.  

Why wouldn't you use that for the 5500 also?

My understanding of the FMV, is to be used when the participant takes a distribution from the Plan.  I’ll cite Treas. Reg. §1.402(a)-1(a)(1)(iii), “…Except as provided in paragraph (b) of this section, a distribution of property by a trust described in section 401(a) and exempt under section 501(a) shall be taken into account by the distributee at its fair market value.”  Also, the Revenue Procedure 2005-25 which provides guidance on determining FMV upon a distribution along with IRC §402(a) referring to “any amount actually distributed” 
The position, in this author’s opinion, is the valuation of Cash Value for Form 5500 Schedule A purposes is proper and FMV is proper for valuation upon an actual distribution from a Plan.