Administrators and sponsors of retirement plans are generally required by law to report certain information to the Internal Revenue Service (IRS), the Department of Labor (DOL), and the Pension Benefit Guarantee Corporation (PBGC)—keeping it all straight is no small task.
Sponsors who need a little help can reference the newly updated Reporting and Disclosure Guide for Employee Benefit Plans, prepared by the IRS as a “quick reference tool for certain basic reporting and disclosure requirements for retirement plans under the Internal Revenue Code and provisions of Employee Retirement Income Security Act of 1974 (ERISA) administered by the IRS.”
Covered in the guide are such subjects as the Form 5500, annual zone status certification, various forms related to distributions paid, Form 5330, safe harbor notices and many others. IRS warns the guide is “not intended to be an exhaustive list of possible civil penalties and other consequences for reporting and disclosure violations.”
The Department of Labor and the Pension Benefit Guaranty Corporation reviewed the parts of the Guide that concern provisions the agencies jointly administer. However, the guide should be used in conjunction with the DOL Retirement Plan Reporting and Disclosure Guide at www.dol.gov/ebsa/pdf/rdguide.pdf and DOL’s www.dol.gov/ebsa/pdf/troubleshootersguide.pdf.
The full IRS guide can be downloaded here