What is a transferred asset report, and do I need one?
This is a trust statement that covers the period of time when CB&T was not the trustee of the plan. If your plan’s assets were transferred from another trustee during the year, we will need a transferred asset report and a copy of the prior year’s 5500 for your plan. The transferred asset report should cover the period from the first day of the plan year through the date the assets were transferred. The information should include the following applicable information by participant and in total: • Beginning balance • Outstanding loan balance as of the first day of the plan year • Employee contributions made during the period (broken down by money type. Example: employee deferrals, Roth contributions, after-tax and rollover contributions) • Employer contributions made during the period (broken down by money type. Example: employer match, employer non-elective / profit sharing, etc.
Related Questions
- How are the deemed asset values associated with a netback application handled when those facilities are being transferred to another licensee?
- Does the income from the annuity contract differ significantly from the income producing asset that was transferred?
- What is a transferred asset report, and do I need one?
