Unfiling Final 5500?

I have a situation with simple facts, but no apparent good solution.  A retirement plan sponsor accidentally filed a final 5500 (showing no assets), under the mistaken belief that all assets had been distributed.  In reality there were (and are) some assets in the plan.  This is all very recent, so they are still within the acceptable window following plan termination to distribute the assets, but I'm not sure what to do about the incorrect filing.

Is there some way to retract or unfile a final 5500?  They could presumably file an amended final return, but not until all of the assets are actually distributed.  (As some may have guessed, the remaining assets are nontraditional assets that may take some time to dispose of.)

Has anyone else seen this situation?

Just file an amended return.

Thanks.  Presumably that can't happen until the assets are actually distributed though.  Any downside to having the improper final return sitting out there in the interim?

You mention it was "very recent." Was the incorrect filing for the 2020 full plan year or 2021 final/short plan year?

If the former, amend 2020 and then file a final for 2021.

If the latter, which I assume is probably the situation, I personally would wait until you can file the correct amended 2021 once all assets are distributed (assuming all assets will be out by 12/31/21). If it rolls over into 2022, amend 2021 as non-final and file the final for 2022.

1 hour ago, BTG said:

Thanks.  Presumably that can't happen until the assets are actually distributed though.  Any downside to having the improper final return sitting out there in the interim?

If it was a 2021 filing, I wouldn't worry about it.

It was indeed a 2021 final/short year filing.  Thank you both for the feedback.