Additional changes to 2009 form 5500
In addition to the electronic filing requirement, below is a summary of some other changes to be aware of regarding the 2009 Form 5500s:
Form 5500 – Includes new options related to the type of extension obtained, modifications to the participant count questions, elimination of preparer information, new feature codes for default investments and automatic enrollment, and a new question regarding multiemployer plans;
Schedule A – Insurance Information
– New disclosure to report insurance companies that fail to provide required information;
Schedule C – Service Provider Information
– Enhanced disclosures of plan fees and expenses with a new question to report service providers that fail or refuse to provide the required information (See “Fee Disclosure” article below for further details);
Schedules H and I – Financial Information
– New questions regarding blackout periods and failure to provide benefits, as well as a standard supplemental schedule for reporting delinquent participant contributions;
Schedule R – Retirement Plan Information
– Addition of ESOP and defined benefit plan questions; and
Other – The Internal Revenue Service (“IRS”) Schedules E (ESOP Annual Information) and SSA (Annual Registration Statement Identifying
Separated Participants With Deferred Vested
Benefits) have been eliminated. However, the IRS intends to collect the Schedule SSA information going forward, but specific guidance on submitting that information to the IRS has not been issued at this time.
Finally, a simplified report, the new Form 5500-SF (Short Form) may be completed for plans that have fewer than 100 participants; are eligible for the audit waiver; hold no employer securities during the year; and have 100 percent of its assets invested in investments with a readily ascertainable market value.
Information courtesy:
