The U.S. Department of Labors Pension and
Welfare Benefits Administration (PWBA), Internal Revenue Service (IRS), and
Pension Benefit Guaranty Corporation (PBGC) today announced guidance for
employee benefit plans who are unable to file timely Form 5500 Annual
Returns/Reports. The guidance is being furnished in response to requests to
further extend the filing deadline.
After careful consideration of requests for a
second extension of the Forms 5500 and 5500-EZ filing deadline, the agencies
concluded that any further extension of the filing period would present
significant processing issues. In March, the agencies granted an automatic
extension to Oct.16, 2000 for those filers with reporting due dates on or
before July 31, 2000. The agencies indicated at that time that they do not
intend to impose late filing penalties for the 1999 Form 5500 or 5500-EZ in
cases where, despite a good faith effort to meet deadlines, filings are delayed
because of transition year difficulties.
With the approach of the October 16 filing
deadline for many plans, Leslie B. Kramerich, Acting Assistant Secretary for
PWBA, said that the department recognizes that new forms, a new filing
system and delays in form-related software have presented challenges for many
1999 Form 5500 filers. It is our goal to facilitate compliance for this
transitional year, not penalize good faith efforts of filers to deal with these
challenges.
To this end, Kramerich announced that the agencies
are encouraging filers who will be unable to meet their filing deadline to
attach a statement to their filing explaining the reasons for the delay.
Where a statement establishes reasonable cause for the late filing, the
agencies will not take any further action solely as a result of the late
filing, Kramerich said.
The extension of time to file the Form 5500 and
5500-EZ discussed above does not operate as an extension of time to file the
PBGC Form 1. Information relating to the PBGC Form 1 is available at
www.pbgc.gov. or by calling 1-800-736-2444.
Additional information about the automatic
extension is available on the PWBAs website at www.efast.dol.gov.
Questions about Form 5500 filing requirements should be address to PWBA's EFAST
Help Desk at 202/219-8770. |