2009 Instructions For Schedule Mb (Form 5500) Multiemployer Defined Benefit Plan And Certain Money Purchase Plan Actuarial Information

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Requirement under the General Instructions to Form 5500 and
2009 Instructions for Schedule MB
How To File – Electronic Filing Requirement under the General
Instructions to Form 5500-SF. The EBSA does not issue EINs.
(Form 5500)
Note. (1) For split-funded plans, the costs and contributions
Multiemployer Defined Benefit Plan and
reported on Schedule MB must include those relating to both
trust funds and insurance carriers. (2) For plans with funding
Certain Money Purchase Plan Actuarial
standard account amortization charges and credits, see the
Information
instructions for lines 9c and 9h. (3) For terminating
multiemployer plans, Code section 412(e)(4) and ERISA
section 301(c) provide that minimum funding standards apply
General Instructions
until the last day of the plan year in which the plan terminates
within the meaning of section 4041A(a)(2) of ERISA.
Who Must File
Accordingly, the Schedule MB is not required to be filed for any
As the first step, the plan administrator of any multiemployer
later plan year.
defined benefit plan that is subject to the minimum funding
standards (see Code sections 412 and 431 and Part 3 of Title I
Statement by Enrolled Actuary
of ERISA) must obtain a completed Schedule MB (Form 5500)
An enrolled actuary must sign Schedule MB unless, as
that is prepared and signed by the plan’s enrolled actuary as
described above, the plan is a money purchase defined
discussed below in the Statement by Enrolled Actuary section.
contribution plan that has received a waiver of the minimum
The plan administrator must retain with the plan records the
funding standard. The signature of the enrolled actuary may be
Schedule MB that is prepared and signed by the plan’s actuary.
qualified to state that it is subject to attached qualifications. See
Next, the plan administrator of a multiemployer defined
Treasury Regulations section 301.6059-1(d) for permitted
benefit plan must ensure that the information from the actuary’s
qualifications. Except as otherwise provided in these
Schedule MB is entered electronically into the annual return/
instructions, a stamped or machine produced signature is not
report being submitted. When entering the information, whether
acceptable. If the actuary has not fully reflected any final or
using EFAST2-approved software or EFAST2’s web-based
temporary regulation, revenue ruling, or notice promulgated
filing system, all the fields required for the type of plan must be
under the statute in completing the Schedule MB, check the box
completed (see instructions for fields that need to be
on the last line of page 1. If this box is checked, indicate on an
completed).
attachment whether an accumulated funding deficiency or a
contribution that is not wholly deductible would result if the
Further, the plan administrator of a multiemployer defined
actuary had fully reflected such regulation, revenue ruling, or
benefit plan must attach to the Form 5500 an electronic
notice, and label this attachment “Schedule MB – Statement
reproduction of the Schedule MB prepared and signed by the
by Enrolled Actuary.” In addition, the actuary may offer any
plan’s enrolled actuary. This electronic reproduction must be
other comments related to the information contained in
included as a Portable Document Format (PDF) attachment to
Schedule MB.
the Form 5500 and labeled “MB Actuary Signature.”
If a money purchase defined contribution plan (including a
The actuary must provide the completed and signed
target benefit plan) has received a waiver of the minimum
Schedule MB to the plan administrator to be retained with the
funding standard, and the waiver is currently being amortized,
plan records and included (in accordance with these
lines 3, 9, and 10 of Schedule MB must be completed but it
instructions) with the Form 5500 that is submitted under
need not be signed by an enrolled actuary. In such a case, the
EFAST2. The plan’s actuary is permitted to sign the Schedule
Form 5500 or the Form 5500-SF that is submitted under
MB on page one using the actuary’s signature or by inserting
EFAST2 must include the Schedule MB with lines 3, 9 and 10
the actuary’s typed name in the signature line followed by the
completed, but is not required to include a PDF attachment of a
actuary’s handwritten initials. The actuary’s most recent
signed Schedule MB.
enrollment number must be entered on the Schedule MB that is
Note. The Schedule MB does not have to be filed with the
prepared and signed by the plan’s actuary.
Form 5500-EZ, but, if required, it must be retained (in
Attachments
accordance with the instructions for Form 5500-EZ under the
What To File section). Similarly, if a plan is a one participant
All attachments to the Schedule MB must be properly identified,
plan that meets the requirements for filing a Form 5500-EZ, but
and must include the name of the plan, the plan sponsor’s EIN,
and the plan number. Put “Schedule MB” and the line number
a Form 5500-SF is instead filed for the plan, the Schedule MB,
to which the attachment relates at the top of each attachment.
if required, does not have to be filed with the Form 5500-SF, but
Do not include attachments that contain a visible social security
it must be retained (in accordance with the instructions for the
number. The Schedule MB and its attachments are open to
Form 5500-SF under Schedule MB in the Specific Instructions
public inspection, and the contents are public information and
Only for “One-Participant Plans” section). Also, the funding
are subject to publication on the Internet. Because of privacy
standard account for the plan must continue to be maintained,
concerns, the inclusion of a visible social security number on an
even if the Schedule MB is not filed.
attachment may result in the rejection of the filing.
Check the Schedule MB box on the Form 5500 (Part II, line
10a(2)) if a Schedule MB is attached to the Form 5500.
Specific Instructions
Lines A through E must be completed for ALL plans. If the
Line 1. All entries must be reported as of the valuation date.
Schedule MB is attached to a Form 5500 or Form 5500-SF,
lines A, B, C, and D should include the same information as
Line 1a. Actuarial Valuation Date. The valuation for a plan
reported in Part II of the Form 5500 or Form 5500-SF. You may
year may be as of any date in the plan year, including the first
abbreviate the plan name.
or last day of the plan year. Valuations must be performed
within the period specified by Code section 431(c)(7) and
Do not use a social security number in line D in lieu of an
ERISA section 304(c)(7).
EIN. The Schedule MB and its attachments are open to public
inspection if filed with a Form 5500 or Form 5500-SF, and the
Line 1b(1). Current Value of Assets. Enter the current value
contents are public information and are subject to publication on
of assets as of the valuation date. The current value is the
the Internet. Because of privacy concerns, the inclusion of a
same as the fair market value. Do not adjust for items such as
social security number on this Schedule MB or any of its
the existing credit balance or the outstanding balances of
attachments may result in the rejection of the filing.
certain amortization bases. Contributions designated for 2009
You can apply for an EIN from the IRS online, by telephone,
should not be included in this amount. Note that this entry may
by fax, or by mail depending on how soon you need to use the
be different from the entry in line 2a. Such a difference may
EIN. For more information, see Section 3: Electronic Filing
result, for example, if the valuation date is not the first day of
-45-
Instructions for Schedule MB (Form 5500)

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