SUPPLEMENTAL SCHEDULE OF ASSETS ACQUIRED AND … · Assets reported on the supplemental schedule of...
2
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with appropriate qualified professionals for your plan’s individual facts and circumstances. © 2011 WithumSmith+Brown, PC When is a Supplemental Schedule of Assets Acquired and Disposed of Within a Year (line 4i) required to be included with an employee benefit plan’s financial statements? How are such transactions determined? Here is a general summary of how to deal with thes e issues: Exception to Reporting - Participant or beneficiary directed employee benefit plan transactions are generally not required to have this supplemental schedule. Therefore, this exception would apply to most 401(k) and 403(b) plans. Assets Required to Be Reported - Investment assets, which were purchased at any time during the plan year and were sold at any time before the last day of the plan year shall be reported, except for the following : Any United States debt obligations Any debt obligations of a United States agency Investments under the Investment Company Act of 1940 (e.g. stocks and mutual funds) Bank certificates of deposit with a maturity of one year or less Rated commercial paper (Pursuant to the SEC Act of 1934), with a maturity of nine months or less Bank common or collective trusts Pooled separate accounts Broker-dealer investments registered on a national exchange NEED MORE INFORMATION? If you need more information regarding this or any other topic affecting your retirement plan, visit our Withum ERISA Knowledge Corner online, follow us on Twitter at WSB_ERISA or contact us at [email protected] to arrange a free consultation today. WITHUMSMITH+BROWN EMPLOYEE BENEFIT PLAN SERVICES GROUP Helping Retirement Plans “BE IN A POSITION OF STRENGTH”. SUPPLEMENTAL SCHEDULE OF ASSETS ACQUIRED AND DISPOSED OF WITHIN A YEAR by David R. Dacey, CPA, Partner, Practice Leader, WS+B Employee Benefit Plan Services Group by Sheri Wronko, CPA, Manager, WS+B Employee Benefit Plan Services Group, New Brunswick
Transcript of SUPPLEMENTAL SCHEDULE OF ASSETS ACQUIRED AND … · Assets reported on the supplemental schedule of...
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with
appropriate qualified professionals for your plan’s individual facts and circumstances.
© 2
011
Wit
hu
mS
mit
h+
Bro
wn
, P
C
When is a Supplemental Schedule of Assets Acquired and Disposed of Within a Year (line 4i) required to be included with an employee
benefit plan’s financial statements? How are such transactions determined? Here is a general summary of how to deal with thes e issues:
Exception to Reporting - Participant or beneficiary directed employee benefit plan transactions are generally not required to
have this supplemental schedule. Therefore, this exception would apply to most 401(k) and 403(b) plans.
Assets Required to Be Reported - Investment assets, which were purchased at any time during the plan year and were sold at
any time before the last day of the plan year shall be reported, except for the following:
Any United States debt obligations
Any debt obligations of a United States agency
Investments under the Investment Company Act of 1940 (e.g. stocks and mutual funds)
Bank certificates of deposit with a maturity of one year or less
Rated commercial paper (Pursuant to the SEC Act of 1934), with a maturity of nine months or less
Bank common or collective trusts
Pooled separate accounts
Broker-dealer investments registered on a national exchange
NEED MORE INFORMATION? If you need more information regarding this or any other topic affecting your retirement plan, visit our Withum ERISA Knowledge Corner online, follow us on Twitter at WSB_ERISA or contact us at [email protected] to arrange a free consultation today.
WITHUMSMITH+BROWN EMPLOYEE BENEFIT PLAN SERVICES GROUP
Helping Retirement Plans “BE IN A POSITION OF STRENGTH”.
SUPPLEMENTAL SCHEDULE OF ASSETS
ACQUIRED AND DISPOSED OF WITHIN A YEAR
by David R. Dacey, CPA, Partner, Practice Leader, WS+B Employee Benefit Plan Services Group
by Sheri Wronko, CPA, Manager, WS+B Employee Benefit Plan Services Group, New Brunswick
The information contained herein is not necessarily all inclusive, does not constitute legal or any other advice, and should not be relied upon without first consulting with
appropriate qualified professionals for your plan’s individual facts and circumstances.
© 2
011
Wit
hu
mS
mit
h+
Bro
wn
, P
C
Assets Not Required to Be Reported
Non-Permitted investments with a party-in-interest
Loans or fixed income obligations in default
Leases in default or classified as uncollectible
Assets reported on the supplemental schedule of reportable transactions
Each of these above four categories of assets are reported on other schedules within Form 5500.
Information to Be reported - The following informational columns are required to be reported on the Schedule of Assets
(Acquired and Disposed of within Year): a. The identity of issue, borrower, lessor or similar party
b. A description of investment including maturity date, rate of interest, collateral, par or maturity value c. Cost of acquisitions d. Proceeds of dispositions
Plan sponsors are well advised to develop processes to collect this information throughout the year.
NEED MORE INFORMATION? If you need more information regarding this or any other topic affecting your retirement plan, visit our Withum ERISA Knowledge Corner online, follow us on Twitter at WSB_ERISA or contact us at [email protected] to arrange a free consultation today.
SUPPLEMENTAL SCHEDULE OF ASSETS ACQUIRED
AND DISPOSED OF WITHIN A YEAR (CONTINUED)
by David R. Dacey, CPA, Partner, Practice Leader, WS+B Employee Benefit Plan Services Group
by Sheri Wronko, CPA, Manager, WS+B Employee Benefit Plan Services Group, New Brunswick
