We have been asked to assist with a situation where, through misunderstanding or oversight, a plan administrator filed two 5500s for a number of years for one plan. The facts are as follows. Prior to 1997, the employer sponsored a profit sharing plan and a money purchase pension plan. The employee accounts under both of these plans were with Investment Broker A. In 1997, the employer terminated the money purchase pension plan and restated the profit sharing plan as a 401(k) profit sharing plan. At this time, new accounts were opened with Investment Broker B. Accounts also remained with Investment Broker A. The upshot of this was that each employee employed at that time had two investment accounts but was a participant in only one plan. This in and of itself is obviously fine. However, the plan administrator filed two 5500s for 1997-present. Although the 5500s reflected the same plan name, the three digit plan number was different. Otherwise, the underlying information was identical.
We need to correct this mistake and are looking for guidance on how to do so. Obviously, filing one 5500 is a start but we are concerned about what the reaction of the Service will be. I'm going to start by putting an anonymous call into them.