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5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.
The Employee Benefits Security Administration (EBSA) has adopted technical revisions made by the IRS to Schedule MB and Schedule SB of Form 5500 that reflect funding relief alternatives made available to defined benefit plans under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (P.L. 111-192).
The IRS provided guidance concerning retroactive pension funding relief for multiemployer defined benefit plans in IRS Notice 2010-83 and for single-employer defined benefit plans (including multiple employer defined benefit plans) in IRS Notice 2011-3.
EBSA states that the adoption of the technical changes in the Notices that affect Schedule MB or SB for the 2008, 2009, and 2010 Form 5500 will be effective April 5, 2011. The information required by the Notices could be supplied by amending the 2008 and 2009 Form 5500 or by creating attachments to the 2009 or 2010 Form 5500. For 2011 and later plan years, the information required from plans to which the alternative funding relief is applicable will be included in the schedules and instructions, rather than having filers create attachments as described in the Notices. Compliance with the schedules, as modified, will satisfy the relevant Form 5500 actuarial information reporting requirements for the Department of Labor, according to EBSA.
EBSA also notes that the 2011 and later Form 5500 Schedule SB will require a plan to disclose its status as an eligible charity plan in connection with a special effective date provided in the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act. A plan is an eligible charity plan for the year if the plan is maintained by more than one employer (determined without regard to Code Sec. 414(c)) and 100% of the employers are described in Code Sec. 501(c)(3) (i.e., tax-exempt organizations).
For more information, visit http://www.wolterskluwerlb.com/rbcs.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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