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Employee Plans Compliance Unit (EPCU) - Current Projects - Final Return with Assets

Why did I receive an EPCU Compliance Check Letter?

You filed a Form 5500 series return indicating the return was a Final Return, yet the return reflected assets at the end of the plan year. The Final Return box should not be marked if you are reporting plan assets at the end of the plan year. A Form 5500 series return is required to be filed until all assets are distributed and/or transferred to another plan.

What is the EPCU attempting to determine?

We want to clarify why the return was marked as a Final Return when there were still plan assets at the end of the plan year.

What actions do I need to take?

Complete the Request for Information and return it to the person whose information is shown on the cover letter via e-mail, fax or postal mail. You may also furnish any other documents or clarifying material that you believe will be helpful for us to review. Please make every effort to provide a complete, accurate and timely response.

If You Have Questions

Please contact the person listed on the cover letter with questions about this project. If you contact us via email, please provide your name, telephone number, the best time to call you and your time zone. We cannot respond by e-mail or guarantee the security of any information submitted by e-mail.

Background

A review of Form 5500 series returns showed that there are returns marked as Final Return that also reflect plan assets at the end of the plan year. A Form 5500 series return should not be marked Final Return unless there are zero assets at the end of the plan year and zero participants at the end of the plan year.

A Form 5500 series return which is filed with inaccurate information may result in subsequent correspondence from the Service. This correspondence may not have been initiated if the filed return had reflected accurate information.

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Page Last Reviewed or Updated: 09-Jun-2016