Defined Benefit Plans – Form 5500: not business as usual

There are a lot of new requirement this year with respect to Defined Benefit Plan Form 5500s and related schedules. One thing to be aware of is the requirement to post your Schedule SB (Actuarial schedule) to your intRAnet, if your company maintains one. This must be posted on or before the 5500 package (which includes the Schedule SB) is filed with the EBSA, as per the instructions you will probably receive from your TPA firm.

There is a very important side effect of all the new regulations and requirements for Defined Benefit Plan reporting, required calculations and election forms. It has to do with how you have interfaced with your actuarial or TPA firm in the past with respect to getting them the data and contribution deposit information. Are you usually gathering and submitting the information that they have requested at the last minute – i.e. close to the Form 5500 extension due date (October 15th for calendar year plans). If so, it isn’t business as usual this year. The forms are more complicated (and take longer to prepare) and there are more calculations, elections etc. than ever before! Make sure that you provide all the information to your consultants as soon as possible so that they can ensure that you meet this very important filing deadline. Penalties do apply for late filers and in this economy no one wants to throw money out the window on late penalty payments to the IRS!

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