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Release Date: July 20, 2006
Release Number: 06-1261-NAT
Contact Name: David James/Gloria Della
Phone Number: 202.693.4676/202.693.8664
Washington, DC - Today the U.S. Department of Labor’s
Employee Benefits Security Administration (EBSA) announced a final
regulation requiring plans to file Form 5500 annual reports
electronically, beginning with 2008 plan year filings due in 2009.
Simultaneously, EBSA, along with the Internal Revenue Service and the
Pension Benefit Guaranty Corporation, proposed changes to the forms that
will be processed under the new electronic system.
“We are moving to a wholly electronic filing system that will be
streamlined, cost-effective, and more efficient for plans. This new
state-of-the-art system will increase the accuracy of information used
by the public and the government,” said Ann L. Combs, Assistant
Secretary of Labor for EBSA. “At the same time, we are proposing to
update the content of the Form 5500 to simplify filing and ensure
compatibility with the electronic processing system.”
Under the final rule, the electronic filing requirement will be
effective for plan years starting on or after January 1, 2008. This will
give plans and service providers needed time to adapt to the new
electronic system and any changes to the Form 5500.
Among the proposed revisions to the Form 5500 are: creation of a new
short form for small plans whose assets are held in easy to value
investments with regulated financial institutions; increased
transparency of plan-related fees and expenses; improved information on
the funding of defined benefit plans; and realignment of the reporting
rules of 403(b) plans (subject to Title I) to be compatible with those
of 401(k) plans. The new system will also customize the information
required to be filed to the type of plan involved in each filing.
The final electronic filing regulation is to be published in the July
21st Federal Register. Written comments on the proposed Form
5500 revisions, published on the same date, should be submitted by
September 19, 2006, to the Office of Regulations and Interpretations,
Employee Benefits Security Administration, Room N-5669, U.S. Department
of Labor, 200 Constitution Avenue, NW, Washington, DC 20210, Attn: Form
5500 Revisions or by email to e-ori@dol.gov.
U.S. Department of Labor news releases are accessible on the
Department's Newsroom
page. The information in this news release will be made available
in alternate format upon request (large print, Braille, audio tape or
disc) from the COAST office. Please specify which news release when
placing your request at 202.693.7765 or TTY 202.693.7755. The U.S.
Department of Labor is committed to providing America's employers and
employees with easy access to understandable information on how to comply
with its laws and regulations. For more information, please visit the
Department's Compliance
Assistance page.
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