|
Release Date: 09/14/2001
Release Number: 01-36
Contact Name: Gloria Della
Phone Number: 202.693.8666
|
|
|
Washington, DC - The U.S. Department of
Labor’s Pension and Welfare Benefits Administration today announced an
extension of the deadline for filing Form 5500s and Form 5500-EZs, and
issued general guidance on ERISA compliance regarding employee benefit
plans affected by Tuesday’s national disaster. |
Extension of Form 5500 Series Deadline |
The U.S. Department of Labor’s Pension and Welfare
Benefits Administration (PWBA), the Internal Revenue Service and the
Pension Benefit Guaranty Corporation today extended the deadline for
filing Form 5500s and Form 5500-EZs. |
The extension applies to plan administrators, employers
and other entities who file the Form 5500 and Form 5500-EZ that are
located in the areas designated as federal disaster areas because of the
September 11, 2001 terrorist attacks. The extension also applies to filers
located outside the designated disaster areas who are unable to obtain the
information necessary for filing from service providers, banks or
insurance companies whose operations are directly affected by the
disasters. |
Under the extension, those with filings originally due
between September 11, 2001, and November 30, 2001, will be allowed an
additional six months plus 120 days to file. Filers currently on an
extension that expires between September 11, 2001, and November 30, 2001,
will be allowed an additional 120 days to file. Filers who have difficulty
in meeting filing deadlines because of disruption of transportation and
delivery of documents by mail or private delivery service resulting from
the disasters, and who do not otherwise qualify for the extensions
described above, will have until November 15, 2001 to make their Form 5500
and 5500-EZ filings. Please note that these extensions cannot be extended
further by filing a Form 5558. |
Filers entitled to the extension relief described above
should check Part 1, Box D, on the Form 5500, or Part 1, Box B on the Form
5500-EZ, and attach a statement labeled “September 11, 2001 Terrorist Attack”
that explains the basis for the extension being claimed under this
release. Filers who have additional questions may contact PWBA'a Toll-Free
Employee & Employer Hotline number at 1.866.275.7922. |
ERISA Compliance Guidance |
PWBA recognizes that plan fiduciaries may encounter an
array of problems with respect to the investment of employee benefit plan
assets upon the reopening of the securities markets. Under these
circumstances, plan fiduciaries may in good faith find it necessary and
prudent to take extraordinary steps in order to safeguard plan assets and
to facilitate the return to orderly markets. In taking these steps, plan
fiduciaries should be sensitive to ensuring that the temporary procedures
adopted, and the decisions made, are documented and adequately protect the
interests of plans and their participants and beneficiaries. |
“We understand that plans, plan fiduciaries,
employers, labor organizations, service providers, as well as participants
and beneficiaries, will encounter a wide variety of other
compliance-related issues and concerns over the next few months as the
practical and personal implications of this national tragedy unfold,”
said Ann L. Combs, Assistant Secretary for PWBA. “In addressing these
issues, and in acknowledging that there may be instances when full
compliance may not be possible, the guiding principle must be to ensure
that appropriate efforts are made to act reasonably, prudently, and in the
interest of the workers and their families, who rely on their health,
pension and other benefits for their physical and economic well-being,”
said Combs.
|
U.S. Department of Labor
news releases are accessible on the Internet. The information in this news
release will be made available in alternate format upon request (large
print, Braille, audio tape or disc) from the Central Office for Assistive
Services and Technology. Please specify which news release when placing
your request. Call 202.693.7773 or TTY 202.693.7775. |
| |
|