Loan Reporting on Form 5500 (Receivables)

Quick Question.  Employer made the 12/31/21 loan repayments in early '22.  Would these be included as a receivable to the Plan?

We do take receivable contributions into account, so just wanted to make sure that loans were handled the same way and not on a cash basis.

Thanks!

They would be receivables if you also adjust the outstanding loan balances down to their value as of those payments posting. Like, let's say 12/31's payment is scheduled payment number 59.

Either the loan balance is still at payment 58 (higher balance) with no payment receivable, or it's as of payment 59 (lower balance) with the payment in transit as a receivable.

I've done it both ways, but always consistently within one plan's batch of loans. 

And I sorta remember being mad that John Hancock's recordkeeping "accrual" basis would adjust for receivable contributions but not receivable loan payments.  (Does that sound accurate?)

2 minutes ago, Bri said:

They would be receivables if you also adjust the outstanding loan balances down to their value as of those payments posting. Like, let's say 12/31's payment is scheduled payment number 59.

Either the loan balance is still at payment 58 (higher balance) with no payment receivable, or it's as of payment 59 (lower balance) with the payment in transit as a receivable.

I've done it both ways, but always consistently within one plan's batch of loans. 

And I sorta remember being mad that John Hancock's recordkeeping "accrual" basis would adjust for receivable contributions but not receivable loan payments.  (Does that sound accurate?)

Thanks!  Since we're using the contributions as receivable I'll also go ahead with the loan repayments as well.