Do the disclosures regarding eligible indirect compensation need to be provided at least annually in order for the alternative reporting option to be available?
There is no specific requirement that the disclosures be provided annually. In order to take advantage of the alternative reporting option, however, the plan administrator must review the disclosures at least annually in connection with the preparation of the Form 5500 and confirm that the information continues to be correct. If any of the required information has changed, updated disclosures would be required to take advantage of the alternative reporting option. Also, the plan administrator must retain for the period required under section 107 of ERISA documentation sufficient to demonstrate the results of this review.
Related Questions
- Can the alternative reporting option for eligible indirect compensation be used to report compensation paid or received in separately managed investment accounts of a single plan?
- Do the disclosures regarding eligible indirect compensation need to be provided at least annually in order for the alternative reporting option to be available?
- Are insurance contract wrap fees considered eligible indirect compensation for purposes of the alternative reporting option on Schedule C?
