cheersmate Posted December 29, 2022 Posted December 29, 2022 A Participant in a Self-Directed plan, that is audited each year (100+ ppts), has requested the "Assets held for investment" since receiving the 2021 Summary Annual Report. Is it sufficient to provide a copy of the single page from within the audited financial statement that lists the assets held? All assets are held in Pooled Separate Accounts. This page reflects the 2021 Plan Year (the year requested) as well as the prior year. If so, should a copy of the Form 5500 Schedule D be included, listing all of the PSAs held? Should the plan provide a copy of the Schedule H Line 4i "schedule of assets (held at end of year)" Attachment, as well or in lieu of the above? Thank you
Peter Gulia Posted December 29, 2022 Posted December 29, 2022 If the requester will accept an email delivery of a pdf, consider furnishing a pdf of the whole Form 5500 annual report, including all schedules and the independent qualified public accountant’s report. MDCPA, Luke Bailey, acm_acm and 1 other 3 1 Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com
david rigby Posted December 29, 2022 Posted December 29, 2022 Never look for trouble. The simplest answer is often the best: if you can provide the page(s) from the audit report, do so. That is exactly what the SAR reference means. Peter is (as usual) correct: confirm that a PDF transmittal will be acceptable. Bill Presson, Luke Bailey and cheersmate 3 I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
cheersmate Posted January 3, 2023 Author Posted January 3, 2023 On 12/29/2022 at 4:19 PM, david rigby said: Never look for trouble. The simplest answer is often the best: if you can provide the page(s) from the audit report, do so. That is exactly what the SAR reference means. Peter is (as usual) correct: confirm that a PDF transmittal will be acceptable. Thank you, David. The Plan is able to provide that page from audited financial statement. I just wanted to be sure there was nothing additional necessary. And, yes, we always confirm PDF transmittal is acceptable prior to sending. Thank you, Peter. I tend to agree with David since the Participant only requested "Assets held for investment." Happy New Year!
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