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Compliance August 29, 2005
DoL Proposes Electronic Filing of Form 5500
August 29, 2005 (PLANSPONSOR.com) - The US
Department of Labor's (DoL's) Employee Benefits Security
Administration (EBSA) office has published a proposed
regulation requiring plans to file the Form 5500 reports
electronically.
Reported by Rebecca Moore
According to a DoL press release, the requirement would be effective for plan filings due in 2008.
Electronic filing of the Form 5500 was one of the recommendations issued in June by the Government Accountability Office (See GAO Calls for Wholesale Form 5500 Changes ). The EBSA will also update its forms processing system, EFAST, to ensure security of internet-based methods for transmitting the filings, according to the release.
EBSA, along with the IRS and the Pension Benefit Guaranty Corporation will propose revisions to the 2007 Form 5500’s, to be filed in 2008, to streamline and improve the information filed by plans. They expect to publish the revised forms for public comment this fall.
The proposal is scheduled to appear in the Federal Register on Tuesday. Comments on the proposal should be received by October 31, 2005, and can be made by emailing e-ori@dol.gov .
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