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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 “Annual Report on the Application of the Social Security Act for the Fiscal Year 2012, including Form 5500-SF,” 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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