Simply put, the data is unreliable and late. In many cases the Form 5500 is not available until 11 months after the year in which it applies. By that time, numerous changes could have occurred. In addition, the
data on the IRS Form 5500 is unreliable and even if it is provided timely because it is often completed
incorrectly by those responsible for the preparation. Finally, those plans which are required to file a
Schedule C must include every code applicable to the expense paid by the plan. As a result, there is no
consistency in the use of the codes to support reliability.