NMU's Compliance Database - Northern Michigan University
Employee Annuities
| Reviewed By | Internal Auditor Owner |
| URL: | https://uscode.house.gov/view.xhtml?req=(title:26%20section:403%20edition:prelim) |
| Regulation Reference Cite | 26 U.S.C. § 403 |
| Report Due Date (Actual) | 7th month after end of plan year |
| Level | Requirement |
| Oversight Unit | HUMAN RESOURCES |
| Person Responsible | Rhea Dever |
| Secondary Person Responsible | |
| President / VP Level | Finance |
| Description |
If an annuity contract is purchased by an employer for an employee under a plan which meets the requirements of section 404(a)(2) (whether or not the employer deducts the amounts paid for the contract under such section), the amount actually distributed to any distributee under the contract shall be taxable to the distributee (in the year in which so distributed) under section 72 (relating to annuities). Reporting by the last day of 7th month after end of plan year. An automatic extension of up to 2½ months may be obtained by filing Form 5558 with the IRS before the return/report's regular due date. NMU is not required to report, as we are not subject to ERISA requirements. |
| Contacts and Data Sources |
| TBD |
| Internal Notes |
| This compliance item has notes that are available internally to the oversight unit. Please contact the Risk Management Department for more information |