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Washington, DC - As part of its continuing
effort to update and streamline the annual reporting process, the U.S.
Department of Labor’s Employee Benefits Security Administration (EBSA)
has published a proposed regulation that would require plans to file the
Form 5500 Series report electronically beginning with plan filings due in
2008.
“By using a modern, electronic filing-based system,
we will reduce the burden on filers while improving both the accuracy and
timeliness of the reports,” said Ann L. Combs, assistant secretary for
employee benefits security. “Because this information is a critical
source of plan information, we want to make sure the reporting process is
both cost-effective and efficient.
Adopting an electronic filing system is consistent with
recommendations made by the Government Accountability Office and the ERISA
(Employee Retirement Income Security Act) Advisory Council. The proposed
regulation would apply to all employee benefit plans required to file Form
5500 reports with the Labor Department. In conjunction with this
regulatory initiative, EBSA also will update its current forms processing
system – known as EFAST – to ensure that plans and service providers
have secure internet-based methods for transmitting filings.
In addition, the department, along with the Internal
Revenue Service and Pension Benefit Guaranty Corporation, will propose
revisions to the 2007 plan year forms to streamline and improve the
information filed by plans. The revised forms, to be filed in 2008, are
expected to be published for public comment this Fall.
Written comments on the electronic filing proposal
should be received by October 31, 2005, via mail 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 E-filing regulation
(RIN-1210-AB04) or email to e-ori@dol.gov. The proposal is scheduled to
appear in the August 30, 2005 Federal Register. |
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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. |
