- 8 - reports that the employer owes $231,796 in contributions to the plan which are more than 3 months overdue. The Schedule B4 of Form 5500 for the Defined Benefit Plan for the plan year ended October 31, 1989, reports the current value of the assets accumulated in the Defined Benefit Plan as of the beginning of the plan year as $368,279, which includes a prior year funding deficiency of $188,983.5 In addition, the Schedule B reports the total present value of vested benefits as of the end of the plan year for participants as $335,384. Furthermore, the amount of contribution certified by the actuary as necessary to reduce the funding deficiency to zero is $231,796.6 4The Schedule B contains Actuarial Information for the Employee Benefit Plan and is attached to the Form 5500. 5$368,279 - $188,983 = $179,296. 6Funding standard account statement for plan year ending Oct. 31, 1989: Charges to funding standard account: Prior year funding deficiency $188,983 Employer's normal cost for plan year as of 11/1/88 25,643 Interest 17,170 Total charges 231,796 Credits to funding standard account: -0- Funding deficiency 231,796Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011