What improvements were made in the 2003 Form 5500 instructions regarding reporting of delinquent participant contributions?
The Department received comments that these reporting rules required many plans to include essentially the same information regarding delinquent participant contributions on Line 4a, Line 4d and Schedule G. Accordingly, in order to avoid unnecessary, duplicative reporting, the Department improved the requirements beginning with the 2003 Form 5500. Beginning with the 2003 Form 5500, information on delinquent participant contributions reported on Line 4a is no longer also reported on Line 4d or Schedule G. This will simplify reporting of information on delinquent participant contributions. It does not, however, change the fact that all delinquent participant contributions required to be reported on Line 4a, except those for which the DOL VFCP requirements have been met and the conditions of PTE 2002-51 have been satisfied, are nonexempt prohibited transactions.
Related Questions
- Participant contributions to the plan were delinquent, but the dollar amount needed to correct is very small. Do I have to participate in the VFCP?
- What improvements were made in the 2003 Form 5500 instructions regarding reporting of delinquent participant contributions?
- What were the Form 5500 reporting requirements for delinquent participant contributions prior to plan year 2003?
