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Deferral Deposits: Deadlines, Corrections & Forms 5500/5330
Presentor: Kevin Burch Recorded Date: 4/23/2013 Duration: 100 Min.

This program was recorded during a live presentation on April 16, 2013.

Late deposits of elective deferrals (and loan repayments) continue to be a major focus for the DOL. It is imperative that practitioners understand the rules completely so that they may carefully communicate the requirements to their clients. For those clients who make late deposits (and there are many), it is important that practitioners understand how to correct the late deposits, calculate the earnings, report on the Form 5500, and calculate the excise tax for the Form 5330.

This web seminar explains the requirements regarding the deadlines for depositing deferrals with the plan. The speaker will also look at correcting late deposits, computing the penalty taxes (Form 5330), responding to DOL correspondence, and reporting on Form 5500.

Topics include:

  • Fiduciary responsibility
    • Duties
    • Alternatives
    • Pitfalls
    • Strategies
  • Safe harbor for deferrals
    • General standard
    • Availability of safe harbor
    • Effect of safe harbor
  • Correcting late deposits
    • Computing lost earnings
    • Making payments
    • VFCP
  • Form 5330 and penalty taxes
    • Small amounts
    • How many forms do you file?
    • Computing the tax
  • Form 5500 reporting
  • DOL correspondence
    • What they're saying
    • What you need to do
There will be many examples provided, as well as answers to your questions. Plan now to attend this timely, important program.

Prerequisites: There are no prerequisites or other advanced preparation for this program. However, the speaker will assume that participants understand the fundamentals of plan operation and correction as in effect prior to the newly revised procedure.

Level: Intermediate

Instructional Delivery Method
Group – Internet-Based

Speaker – Kevin L. Burch, J.D., LL.M.

Objectives: After the seminar, attendees should be able to:

  1. Identify the deadlines for depositing deferrals and loan repayments
  2. Report correctly late deposits on the Form 5500
  3. Respond to DOL correspondence regarding late deposits
  4. Calculate lost earnings on late deposits
  5. Calculate excise tax on late deposits
  6. Determine whether to use Voluntary Fiduciary Correction Program
  7. Communicate fiduciary responsibility regarding deferral deposits
  8. Determine number of Forms 5330 that need to be filed

Hardware System Requirements:

  • Windows 95, 98, NT 4.0, 2000, XP, Windows 7
  • Internet Explorer 4.01 or later, Netscape 4.08 or later, and set Internet browser to allow pop-up windows.
  • High-speed Internet connection.
  • Pentium 166+ MHz, 128MB RAM or more.
  • 1023 x 768 or higher display resolution.
  • Soundcard and Speakers.

Software Requirements:

Program related requests, questions, or concerns may be emailed to: