Friday, November 16, 2007

DOL Final Regulation - Annual Reporting and Disclosure

29 CFR Part 2520

RIN 1210–AB06

DOL Final Regulation - Annual Reporting and Disclosure

Last month the Department of Labor announced changes for the 2009 IRS Form 5500 by releasing Final Rule – Annual Reporting and Disclosure and Notice – Revision of Annual Information Return/Reports:

The U.S. Department of Labor's Employee Benefits Security Administration (EBSA), the Internal Revenue Service and the Pension Benefit Guaranty Corp. (PBGC) today announced the publication of revisions to the Form 5500 annual return/report for plan year 2009, including a deferral for one year of the move to the wholly electronic filing system.

Plan and service providers now will have additional time to comply with changes to the 2009 Form 5500 and the change to the wholly electronic filing system. Plans and service providers will not be required to comply with these changes until the due date for the plan's 2009 Form 5500.

The revised Form 5500 annual report will be the primary source of information about the operations, funding and investments of about 800,000 pension and welfare benefit plans. The department estimates that the form revisions and move to electronic filing together will save plans up to about $100 million per year.

"Today's action completes the first component of our fee transparency initiative for employee benefit plans," said Bradford P. Campbell, assistant secretary of labor for EBSA. "The expanded reporting of compensation received by service providers will make it easier for plan officials to understand and monitor investment fees charged to plan accounts and revenue sharing arrangements that compensate brokers, pension consultants and other investment service providers."

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