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From Spencer's Benefits Reports: On October 23, the Department of Labor’s Employee Benefit Security Administration (EBSA) released additional guidance regarding the Form 5500 Schedule C. The expanded requirements apply for plan years beginning on or after Jan. 1, 2009. The new guidance is provided in the form of 25 frequently-asked-questions on the new Schedule C requirements.
The new guidance clarifies the 2009 plan year transition relief for service providers by explaining that the transition relief also covers plan administrators and Form 5500 preparers who rely on those service providers for information needed to complete the Schedule C. The details about the transition relief were explained in an earlier set of FAQs released in July 2008.
The guidance also elaborates on gifts of “insubstantial value.” In general, the aggregate value of gifts from one source in a calendar year must be valued at less than $100 to be excludable from compensation., but nonmonetary gifts of less than $10 do not need to be counted toward the $100 limit.
The new guidance clarifies, “It is permissible to presume that ordinary promotional gifts, such as a coffee mug, calendar, greeting cards, plaques, certificates, trophies and similar items of insubstantial value that display a company logo of the person or entity providing the promotional gift have a value of less than $10 for purposes of Schedule C reporting. On the other hand, this FAQ would not cover a gift that clearly has a value in excess of $100, such as a $400 golf club or an expensive luxury pen, for example, merely because it was embossed with a company logo.”
Other topics covered in the October guidance include compensation to hedge fund investment managers, “look-through” investment funds, mutual fund redemption fees, and ERISA fee recapture accounts.
For more information, visit http://www.dol.gov/compliance/.
For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.
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