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Prepared for TIC by Mike Ewing, J.D.
Director of Research
United Actuarial Services, Inc.
(317) 580-8659
Fax (317) 580-8651
email: mewing@unitedactuarial.com
© United Actuarial Services, Inc. 2009
2009-43
July 15, 2009
Multiemployer Defined Benefit Pension Plans
May Need an Automatic Extension to File Form 5500
Due to Extensive Changes Made By PPA
Due to the extensive changes made to Form 5500
by the
Pension Protection Act
(PPA), many filers are just now beginning to realize that they will probably not have
enough time to gather the data needed to file their Form 5500 and will need to file
for an extension of time. The deadline for calendar year plans to file Form 5500 is
July 31, 2009.
In particular, such plans have indicated that they may need more time due to the
information needed to complete Schedule R and the special PPA attachments not
previously required. The instructions for the Schedule R begin on page 49 of the
2008 Form 5500 Instructions, with the special PPA
rules for defined benefit plans
starting on page 51. The 2008 Form 5500 instructions are available at:
or
by “clicking here.” Filers should
review these instructions in detail.
A pension plan may obtain a one-time automatic extension of time of up to 2 ½
months to file Form 5500 by filing Form 5558, Application for Extension of Time To
File Certain Employee Plan Returns, on or before the normal due date (not including
any extensions) of Form 5500. Calendar year plans that have not yet filed for an
extension must file Form 5558 by July 31, 2009. After Form 5558 has been timely
filed, the extended due date for calendar year plans would be October 15, 2009.
According to the instructions to Form 5558, it
must be filed with the IRS at the
following address: Internal Revenue Service Center, Ogden, UT 84201-0027.
If the Plan is using the U.S. Mail
system, Form 5558
must be postmarked on or
before the due date
to be considered timely
filed. Information on using private
delivery services is found in the general instructions to Form 5558. Interested filers
may obtain a Form 5558 (with general instructions) from the IRS website at
CLIENT BULLETIN