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Printable Form 5500 - Schedule I Clark Nevada: What You Should Know

The form was originally developed in 1963 by the Social Security Administration to assist in the identification and analysis of such¬† benefits.¬† It has been revised repeatedly in recent years, and is now outmoded in many respects. The current¬†Form 5500 is not designed to accurately predict future payments from plans offered by employers, especially those¬† that offer benefits solely to retirees. It has been shown that using the current Form 5500 is not helpful in developing a cost-benefit analysis for¬† plan eligibility or for developing benefit programs for future employees. It is now being redesigned in the form of the 5500-SF (Statement of Self Employment or Employer Benefit Plans) and is anticipated to be completed within the next couple of years.¬† The revised form will be significantly simplified, contain only the most needed information, and will be easier to use and understand. The revised 5500-SF replaces the more comprehensive 6052-SF (Report of Certain Retirement Plans: Form 5500-SF) and is to be completed by non-employees. ¬† The 5500-SF will include Form 5500 and all required statements, including statements for specific retirement plans. The 5500-SF is available for public use through the U.S. Social Security Administration¬† Website. The agency¬† has published an ‚ÄúAnnual Report on the Application of the Social Security Act for the Fiscal Year 2012, including Form¬†5500-SF,‚ÄĚ that offers more detailed information about the 5500-SF¬† and how to use it. Information about the new forms is available on the website. As you can see, the 5500-SF is in no way similar to the Form 5500. It contains many of the same information, and it doesn't contain the¬† report that the 5500¬†does. ¬† Unfortunately, the 5500-SF will be a very good indicator of the future benefits for those receiving the current forms. It has been the policy of the United States Office of Personnel Management (OPM) for about a decade to issue this form to¬† employees so as not to require them to fill out Form 5500, as that form is complex and time-consuming. This policy is being reversed, as a more streamlined version of the 5500-SF is being issued.

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