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Compliance July 21, 2006
DoL Makes E-Filing Mandatory for Form 5500
Plan sponsors will have to file Form 5500 Annual
Reports electronically beginning with 2008 plan year filings
that are due in 2009.
Reported by Adrien Martin
The Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service and the Pension Benefit Guaranty Corporation have proposed changes to the forms that will be processed under the new electronic filing system.
“We are moving to a wholly electronic filing system that will be streamlined, cost effective and more efficient for plans. This new state-of-the-art system will increase the accuracy of information used by the public and the government,” said Ann Combs, assistant secretary of labor for EBSA, in a news release.
She added that the proposals to simplify the form are meant to make the forms more conducive to e-filing.
The DoL released copies of Form 5500 on July 13, along with a few modifications – it no longer requires Schedule P and has updated Schedules H and I (See DoL Releases Advance Copies of Form 5500 Annual Report ).
The proposed changes that are meant to ease the transition into e-filing are detailed in the Federal Register, which can be accessed here .
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