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FORM 5500 AND EBP FSPREPARATION TIPS, TRICKS
& PITFALLS Michelle Brumfield, CPA
Director
Session 3
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Course Objective
After completing this session, participants will be able to: Apply tips, tricks and pitfalls in preparing and
reviewing Form 5500 and the financial statements. Be able to reconcile between the Form 5500 and the
financial statements of an employee benefit plan.
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Outline
Purpose of Form 5500 Form 5500 Series Form 5500 and its Schedules Form 5500 and the Financial Statements Tips and Tricks
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What is the Purpose of Form 5500?
Compliance, research, and disclosure tool
Disclosure document
Source of information
Part of ERISA's overall reporting and disclosure framework
Access to sufficient information
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Form 5500 Series
Form 5500: Annual report of EE Benefit Plan Form 5500-SF: Annual report of Small EE Benefit Plan
(fewer than 100 participants at the beginning of the year) Form 5500-EZ: One participant or a foreign plan (no
filing is required if plan assets are less than $250k at the end of the plan year).
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Form 5500 SF
The Form 5500-SF is a simplified annual reporting form for use by certain small pension and welfare benefit plans. To be eligible to use the Form 5500-SF, the plan must:
• Be a small plan • Not subject to audit• Secure investments with a readily determinable fair value, • Hold no employer securities, • Not be a multiemployer plan and, • Not be required to file a Form M-1
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Form 5500-SF
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Form 5500-SF
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Form 5500-SF
Form 5500 EZ
Form 5500-EZ: One participant or a foreign plan (no filing is required if plan assets are less than $250k at the end of the plan year).
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Form 5500-EZ
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Form 5500-EZ
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Form 5500
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Form 5500
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Schedule A
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Schedule A
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Schedule A
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Schedule A
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Schedule SB
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Schedule SB
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Schedule MB
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Schedule MB
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Schedule MB
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Schedule C
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Schedule C
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Schedule C
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Schedule D
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Schedule H
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Schedule H
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Schedule H
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Schedule H
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Schedule I
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Schedule I
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Schedule R
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Schedule R
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Schedule R
Form 5500 and its Schedules
Form 5500, Form 5500-SF, Form 5500-EZ
Schedule A – Insurance Information
Schedule SB / MB – Actuarial Information
Schedule C – Service Provider Information
Schedule D – DFE Information
Schedule H / I – Financial Information
Schedule R – Retirement Plan Information
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Form 5500 and the Financial Statements
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Form 5500 and the Financial Statements
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Form 5500 and the Financial Statements (cont.…)
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Form 5500 and the Financial Statements (cont.…)
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Form 5500 and the Financial Statements (cont.…)
Tips, Tricks and Pitfalls
Extension box
EIN and Plan number
Change of EIN and Line 4
Codes on line 8a and the plan provisions
Insurance information on Sch. A, Sch. D and Sch.. H
Termination of Auditors and/or Actuary on Sch. C part III
DFE information on Sch. D vs Sch. H
Contribution information on Sch. SB and Financial Statements
Sch. H and financial statements reconciliation
Auditor’s information on Sch. H part III
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Useful Links
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Form 5500 Instructions (PDF)https://www.dol.gov/sites/default/files/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500/2016-instructions.pdf
EFAST2http://www.efast.dol.gov
Search for a submitted Form 5500
http://www.efast.dol.gov/portal/app/disseminate?execution=e1s1
Questions?
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Speaker Contact Information
Name: Michelle Brumfield, CPATel: 713.968.1655, E-mail: MBrumfield@mjlm.com
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