I have NEVER filed a 5500 for a DB plan but one was just plopped on my desk... due tomorrow!!

I would like to try to get it out right away but am not sure what is all involved. Do I need a Schedule B from the actuary even though the actual termination date of the plan was 12/31/01? No contributions were made past that date- just assets waiting to be distributed (which now have been).

Any insight for me?

Thanks,

Rachel

A defined benefit plan is not required to maintain the funding standard account past the year of termination. See Rev. Rul 79-237. You don't mention for what plan year your 5500 is for, but if it began after your termination date of 12/31/01, then no Schedule B is required.

Probably "due tomorrow" means a calendar year plan. If you want/need more time, file an extension, by 7/31.

I usually put an attachment to the Form 5500 or 5500-EZ explaining why there is no Schedule B attached to the filing, for the aforementioned reasons (plan termination date precedes first day of form year).

However, my experience is that these filings invariably will get a question letter from EBSA as the form structure does not handle the situation at all (not like the old days on the 5500-C where there was a question to the effect "is a Schedule B required to be attached?"). Basically, you then politely reiterate the words on the attachment that the computers ignored and the problem is resolved.