Although the comment period ended January 9, 2015, the revisions are effective for the 2014 Form 5500 Annual Return/Report of Employee Benefit Plan (Form 5500) to facilitate collection of employer information required by The Cooperative and Small Employer Charity Pension Flexibility Act.
Participating employer information in the form of an attachment is required for completing the 2014 Form 5500 for both multiple-employer pension and multiple-employer welfare plans (a.k.a. MEWA). Information required for the attachment includes employer names and employer identification numbers for all participating employers. An estimate for the percentage of contributions made by each participating employer is also required for multiple-employer plans, although an exception applies for multiple-employer welfare plans that are not subject to the annual audit requirement.
The above notable changes only apply to multiple-employer plans that do not include the other plan types, multiemployer or single-employer plans.
Michelle L. McCann, CPA, is a partner in Lindquist LLP’s San Ramon office. She primarily is responsible for overseeing quality control for preparation of exempt organization and employee benefit plan returns, including Forms LM-2, 5500, 990 and 199. Michelle also provides QuickBooks training and support for the firm’s clients. You can contact her at email@example.com or (925) 277-9100.
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