Form 5500 Schedule C for 2010 Plan Years: Lessons Learned From First Filing

Navigating Rules to Accurately Report Service Provider Fees and Compensation

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, May 18, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors to pension and welfare plan administrators to report material details on expenses and compensation that must be included on the 2010 Schedule C for Form 5500. Using practical scenarios, the panel will provide guidance on making accurate recommendations on what to report—and how.

Description

Confusion persists over Schedule C to Form 5500, which pension and welfare plan administrators and their outside advisors filed for the first time in 2010. As the deadline approaches to file the 2010 plan year Schedule C, lessons learned from last year's filing are vital to honing your compliance.

Under DOL rules, plan administrators must report service provider fees and both direct and indirect service provider compensation on Schedule C. An alternative reporting method is available for indirect compensation. However, there is much room for interpretation on how to report fees paid to TPAs.

Before the next filing of the 2010 plan year Schedule C, advisors and plan administrators will benefit greatly from a detailed review of the requirements and practical experiences with various categories of plan expenses and how service providers get compensated.

Listen as our panel of experienced employee benefits advisors demystifies the vexing demands of Schedule C compliance.

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Outline

  1. Changes to 2009 Form 5500 Schedule C
    1. For plan years starting on or after Jan. 1, 2009
    2. Direct compensation paid by plan should be reported based on plan year
    3. Amount or estimate of indirect compensation, or indirect compensation formula, can be based on service provider’s plan year
      1. As long as selected method is used consistently from year to year
      2. Special rule for reporting information about insurance contracts or policies
      3. Alternative reporting option for eligible indirect compensation
    4. Including fees or expense reimbursements charged to “investment funds”
      1. Can be used to report compensation paid or received in separately managed investment accounts in same plan
    5. Other changes to form
  2. Complex scenarios and lessons learned from completion of 2009 Schedule C
    1. Higher-level concepts; best practices for plans
      1. E.g, different TPA fee reports
    2. Best practices for sponsors and service providers
    3. Possible options to consider in addressing these scenarios

Benefits

The panel will explore these and other important facets of Schedule C:

  • What constitutes direct and indirect service provider compensation with the new form and rules.
  • Why indirect compensation must be reported — and when it is eligible for an alternative reporting approach.
  • Lessons from examples of fee reports involving different TPAs.
  • How to understand and deal with reporting of bundled and unbundled arrangements.
  • What to do with non-monetary compensation.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Linda Fisher
Linda Fisher

Owner
Linda T. Fisher 5500 Consulting

She has 21 years of employee benefits experience with advisory firms and corporations. Before starting her own...  |  Read More

Linda Shore
Linda Shore

Counsel
Mayer Brown

Her practice specializes in ERISA and employee benefits work for financial services firms and plan sponsors. Before...  |  Read More

Summer Conley
Summer Conley

Counsel
Drinker Biddle

She is attached to the firm's Employee Benefits & Executive Compensation Practice Group, where her client...  |  Read More

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