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DON’T FORGET: PLAN YEARS 2009 AND PRIOR – MUST BE FILED ON 2013 FORMS!

Updated January 27, 2014 Be careful as we approach the turn of the calendar year, with the new 2013 forms.  The rule is, if you have to submit a delinquent or amended Form 5500 return for plan years 2009 or prior, you must submit the filing using the “current year form” which is now the 2013 […]

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Wrap Plan Documents Are Required To Submit Combined Form 5500 for Health and Welfare Benefits

Do you combine health and welfare benefits into as single Form 5500 filing? Many companies do without realizing they need to have a Wrap Plan document that supports this combined ERISA filling approach. If you are audited by the DOL, this will very likely come up as an issue. Even if, for example, you are […]

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Top 5 Form 5500 Red Flags to DOL and IRS

In the spirit of improving efficiencies and quality, or “Getting it Right the First Time,” here is a list of potential `Red Flags’ that can likely cause the Department of Labor or Internal Revenue Service to audit a plan. Keep in mind, if DOL and/or IRS are alerted to an issue in one plan in […]

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Form 8955-SSA – Hard to Find Answers

Now that the extended due date for the Form 8955-SSA is approaching – many are working to complete these and send them in on or before January 17, 2012. As a result, I am fielding numerous questions that are not directly answered in the instructions. The FAQ’s below are in addition to the IRS issued […]

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Quick Schedule C Checklist – Top 5 Misses

Since over 200,000 –  2009 Schedule C’s were missing most or all Indirect Compensation paid to plan service providers, we have put together a quick checklist so yours passes the DOL checks this year: If your plan has mutual funds, you should have the mutual fund managers listed on Schedule C, Part I, Line 1. […]

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403(b) Plan Alert – Did Your Form 5500 Miss the Boat?

Many did. If your 2009 Form 5500 filing for your 403(b)  plan looked just like your 2008 filing, then you missed the boat. Plan Administrators that trusted their Form 5500 preparers to keep current on 403(b) plan reporting requirements, are now receiving correspondence from the Department of Labor (DOL) that requests additional schedules that were […]

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Employee Benefit Plans: How to Stay on Your Auditor’s Good Side

As the summer marches on with its beautiful sunny days, employee benefit professionals must manage their qualified plans’ required audit process that culminates with completing the Form 5500 filing.  Congratulations to those of you that have finished for 2010 plan years! You should be proud of your accomplishments!! For those that are working on this […]

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Is your Form 5500, Schedule C Causing a Red Flag?

Is your 2009 Schedule C causing a red flag? Did it report all indirect compensation paid to each of the plan’s investment managers, including mutual fund managers, brokers, partnerships, and other investment related professionals that assisted with managing your plan’s investments? At the annual AICPA  Employee Benefits Conference, May 1 – 4,  2011, the Department of […]

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2009 Plan Year Common Errors

For those that missed the DOL’s Webinar  (April 27, 2011)  titled “Going Forward, Year 2 of Electronic Filing with EFAST2….” here are the slides. april_27_2011_ebsa_webcast Also – see common errors below that occurred during the 2009 filing season. They mentioned many of these during the Webcast. In the spirit of improving efficiencies and quality going […]

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EFAST2 – Government Wins Over Private Industry

As we gear up for the 2010 Form 5500 filing season, I would like to reminisce, for a moment, on the often stressful 2009 plan year filing process and results. Lessons learned last year have prepared us to be more successful going forward by reducing some of the crazy errors and mishaps that were common […]

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