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 April 22, 2002 IRS Indefinitely Suspends Form 5500 Schedule F Filing Requirement for Sponsors of Flexible Benefits Plans, Tuition Reimbursement Plans and Adoption Assistance PlansOn April 4, 2002, the Internal Revenue Service (IRS) released Notice 2002-24, which indefinitely suspends the requirement for a sponsor of flexible benefits plans, tuition reimbursement plans and/or adoption assistance plans to file Schedule F with their Forms 5500. This compliance relief is effective immediately and applies to any previous years for which Form 5500 has not yet been filed. Notice 2002-24 is available on the following page of the IRS Web site: http://www.irs.gov/pub/irs-drop/n-02-24.pdf Background Sponsors of fringe benefit plans, including flexible benefits plans, tuition reimbursement plans and/or adoption assistance plans, have been required to file an annual information return with their Form 5500 for many years. Among the information requested on the Schedule F were plan costs and the number of employees eligible to participate in the plan.
Implications for Plan Sponsors Indefinite suspension of the Schedule F will ease compliance for those employers and other plan sponsors that offer flexible benefits plans, tuition reimbursement plans and/or adoption assistance plans. For public sector plans that were required to file Form 5500 because they sponsored a flexible benefit plan, the suspension eliminates the requirement to file Form 5500 altogether. However, plan sponsors must still file a Form 5500 for plans subject to ERISA, such as health insurance plans and flexible spending accounts (FSAs). For a summary of Form 5500 reporting requirements and other 2002 compliance deadlines, see the online version of The Segal Company’s 2002 Annual Reporting & Disclosure Calendar for Benefits Plans, which can be accessed by clicking here.
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