401k Plan
  Form 5500 Filing (Part 2)

  The Form 5500 Filing May Not Be For a Period Greater Than 12 Months

1. Be certain the time period entered in Part I of the Form 5500 is not greater than twelve months.  If the plan year is a calendar year (January 1 through December 31) the spaces provided for dates in Part I may be left blank.  If the plan or DFE is not reporting on a calendar year basis, but instead using a fiscal year, then input the twelve-month (or shorter) fiscal year period in the spaces provided.  Example: fiscal year beginning 07/01/2002 and ending 06/30/2003.

2. Make certain that there is no gap between the ending date of your previous year’s Form 5500 and the beginning date of the current year’s form.  Take special care if filing a Form 5500 for a short plan year (a plan or DFE year of less than twelve months), for instance, if the plan or DFE changes from a calendar year to a non-calendar fiscal year.  In that case, the beginning date entered on the “short plan year” Form 5500 should be one day after the ending date of the previous year's Form 5500 and the ending date should be one day before the beginning date entered on the next year’s Form 5500.  In addition, Line B(4) should be checked on the short plan year Form 5500.  Please refer to the Form 5500 filing instructions, Section 4 ("How to File" and "Change in Plan Year"), for additional information.

3. The plan year beginning and ending date on all attached Schedules (except Schedule P) must match the plan year beginning and ending dates on Part I of the Form 5500.

  File All Required Schedules and Attachments with your Form 5500

Make sure you are filing all the required schedules and attachments with your Form 5500.  The Form 5500 instructions in Section 5, under the heading "What to File", break down filing requirements based on type of filer (large plan, small plan, pension plan, welfare plan, or DFE), and include a Quick Reference Chart that lists each of the Form 5500 schedules and identifies who has to file them.

  File the Appropriate Financial Information Schedule (H or I) with your Form 5500

1. Make sure you file the proper Financial Information Schedule with your Form 5500.  The Schedule H is for “large plan” filers (generally plans with 100 or more participants at the beginning of the plan year) and all DFEs. The Schedule I is for “small plan” filers (generally plans with fewer than 100 participants at the beginning of the plan year).

2. If you filed as a “small plan” last year and the number of plan participants is fewer than 121 at the beginning of this plan year, you may continue to file Schedule I as a “small plan” under the “80-120 Participant Rule.”  This rule allows plans with between 80 and 120 participants at the beginning of the plan year to file the Form 5500 in the same category (“large plan” or “small plan”) as the prior year filing.  Please consult Section 5 of the Instructions for Form 5500 under the “What to File” heading for more information on the “80-120 Participant Rule”.

3. Certain Code section 403(b) retirement arrangements, IRA pension plans, fully insured pension plans, and insured, unfunded, or combination insured/unfunded welfare plans do not have to file Schedule H or I.  Please consult Section 5, under the heading "Limited Pension Plan Reporting" and "Welfare Benefit Plan Filing Requirements" in the Instructions for Form 5500, for additional information and eligibility requirements.

4. If you are filing Schedule H or I, make certain that all required information provided is accurate and complete.  Make sure the spaces on the asset/liability and income/expense statements (lines 1 and 2) on the Schedule H and I that require a total from the lines above are completed accurately.

Schedule H:

• If Schedule H is filed, Part III of the schedule, regarding the independent qualified public accountant's (IQPA) report and opinion, must be completed.  The report of the IQPA identified on Line 3 must be attached to the Form 5500 unless Line 3d(1) or 3d(2) (3b(1) or 3b(2) on 2002 or prior year forms) is checked.
  

• Plans filing Schedule H must answer all items in Part IV, Lines 4a through 4k and Line 5a.  Check either “yes” or “no” as appropriate, and, where applicable, enter the dollar amounts or other information that is required.  Not responding or indicating “n/a” to an item may cause the filing to be rejected.
  

• MTIAs, 103-12 IEs, and GIAs should leave Schedule H, lines 4a, 4e, 4f, 4g, 4h, 4k, and 5 blank. 103-12 IEs also do not complete 4j.

Schedule I:

• When filing Schedule I, be certain that the amounts entered on Part I, lines 3a through 3g (Specific Assets of the Plan) are the year-end values for the assets.  The purchase price for an asset that was purchased during the plan year is not necessarily the year-end value.  Also, if the plan sold an asset reportable on lines 3a through 3g during the plan year, a “0” should be entered on the appropriate line in the amount column if there were no other asset values to report on that line.
  

• The amounts entered on Schedule I, Line 3f, "Loans (other than to participants)", should be the value of the loans that are an asset of the plan.  Loans are assets to be reported on line 3f if the plan loaned the amounts (other than participant loans) or purchased loans originated by a third party.  Do not include amounts the plan borrowed; amounts the plan owes should be reported as a liability on Schedule I, line 1b.
  

• Plans completing Schedule I must answer all items in Part II, Lines 4a through 4k and Line 5a.  Check either “yes” or “no” as appropriate, and, where applicable, enter the dollar amounts or other information that is required.  Not responding or indicating “n/a” to an item may cause the filing to be rejected.