Internal Revenue Service and Dept. of Labor Filing

All retirement plans are required to file an Internal Revenue Service Form 5500 annually.  Form 5500 provides an annual snapshot of the respective plan’s financial position and discloses information such as discrimination testing, aggregate testing, and annual contributions.   Huge penalties can be assessed when a plan fails to file their Form 5500 on time.

For all Defined Benefit Plans, the Dept. of Labor requires that insurance premiums be paid to the Pension Benefit Guaranty Corp.  These fees average about $19 per participant plus an ad valorem premium.  Failure to file PBGC premiums will result in penalties plus interest.

MedAmerica Financial Services, along with their auditors, Leibowitz, Shumaker, Berger & Rubens, conducts an annual audit to verify all financial information and the aforementioned regulatory forms are filed annually by their required deadline.

In the event of an audit (which routinely occurs once every seven years), MedAmerica Financial Services, will work with the IRS or DOL auditor and provide the primary interaction until the completion of the audit.