The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) has proposed requiring that all employee benefit plans file Forms 5500 and related schedules electronically beginning with those filed in 2008. EBSA released the proposed regulation on Aug. 29.
DOL Assistant Secretary for Employee Benefits Security Ann L. Combs says the change would reduce the burden on filers and make the reports more accurate and timely. And EBSA says it would be consistent with recommendations by the Government Accountability Office (GAO) and the DOL's ERISA Advisory Council.
According to the DOL, the IRS and the Pension Benefit Guaranty Corporation will join in proposing revisions to the 2007 plan year forms - those that will be filed in 2008 - to streamline them and improve the quality of the information they provide. And EBSA plans to again update the ERISA Filing Acceptance System (EFAST) - the system by which the Form 5500 series can be filed electronically - to ensure that it will be possible to transmit files through secure Internet-based methods.
EBSA will accept comments on the proposed regulation through Oct. 31, 2005. Comments can be sent by e-mail to e-ori@dol.gov. Written comments should be sent to the following address:
Office of Regulations and Interpretations
Employee Benefits Security Administration Room N-5669
U.S. Department of Labor
200 Constitution Avenue, N.W. Washington, D.C. 20210
Attn: Form 5500 E-filing regulation (RIN-1210-AB04)
Employers and plan administrators can view a news release on the proposal online by going to http://www.dol.gov/ebsa. The proposal appears in the Federal Register of Aug. 30, 2005.
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