Cynchbeast Posted January 21, 2020 Posted January 21, 2020 We have a client with a Profit Sharing plan that includes 2 life insurance policies. Can they still file 5500-SF or do they have to file full 5500?
Larry Starr Posted January 21, 2020 Posted January 21, 2020 23 minutes ago, Cynchbeast said: We have a client with a Profit Sharing plan that includes 2 life insurance policies. Can they still file 5500-SF or do they have to file full 5500? What is it that makes you think they might have to file the full 5500? You obviously have something in mind; it would be better if you asked THAT question. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
Cynchbeast Posted January 22, 2020 Author Posted January 22, 2020 Nope - just whether a life insurance policy within the plan would preclude them from filing a 5500-SF. The instructions for 5500-SF list "investment contracts with insurance companies" as an example of a "eligible plan asset", but does not list specifically insurance policies.
Larry Starr Posted January 22, 2020 Posted January 22, 2020 18 hours ago, Cynchbeast said: Nope - just whether a life insurance policy within the plan would preclude them from filing a 5500-SF. The instructions for 5500-SF list "investment contracts with insurance companies" as an example of a "eligible plan asset", but does not list specifically insurance policies. It's fine. Life insurance does not get any special treatment or lose the client the ability to file the SF. Lawrence C. Starr, FLMI, CLU, CEBS, CPC, ChFC, EA, ATA, QPFC President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, MA 01089 413-736-2066 larrystarr@qpc-inc.com
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