OTHER CHANGES TO THE 2009 FORM 5500
By Beth Harrington, QPA
Below is a brief list of changes to the 2009 Form 5500. Visit www.irs.gov for more information.
SCHEDULE A – adds a line for us to complete if any insurance company does not provide us with information needed to complete the Schedule.
SCHEDULE B – has two cousins, the Schedule SB and the Schedule MB. These are all still used to report information about Defined Benefit Pension Plans including Cash Balance plans.
SCHEDULE C – big changes are in store to report fees paid by plans with more than 100 participants. The DOL has not, however, issued final instructions about completing Schedule C, so stay tuned for more information about what is required to be reported on this Schedule.
SCHEDULE E – which was required for ESOPs will no longer be required.
SCHEDULES H and I – are used to report trust activity each year. A new standardized schedule is required when reporting late deposit of employee withholding or loan payments. There is also a new line to report if the plan has failed to provide benefits when due, and a line that asks whether the appropriate blackout notices were provided to participants as necessary.
SCHEDULE R – has a new look. Questions about coverage have been revised or eliminated, and there is a new section to add information to report on ESOPs (if applicable).
SCHEDULE SSA – is used to report participants who have terminated service, but who are due benefits from the plan at some point in the future. Because this Schedule includes the participants’ Social Security Numbers, this filing will NOT be submitted through the DOL’s EFAST2 system, but will be submitted to IRS on paper in a separate filing.
FORM 5500-SF – is a new “short form” available for plans that can answer YES to each of the following questions:
- The plan has fewer than 100 participants and/or is not required to submit an audit with the filing; and
- There are no employer securities held by the plan; and
- All plan assets have been invested in products that have a readily ascertainable fair market value during the entire plan year. This includes investments offered by banks, insurance companies as well as stocks, bonds and mutual funds. Participant loans are acceptable investments under this provision. Funds in the plan can be “pooled” as long as a valuation is provided at least once per year.
If you are eligible to file a 5500-SF, Schedules A, D, I or R are not required.