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."
Related Links:
- News Release
- DOL Final Regulation - Annual Reporting and Disclosure (November 16, 2007) [HTML]
- DOL Final Regulation - Annual Reporting and Disclosure (November 16, 2007) [PDF]
- DOL Notice – Revision of Annual Information Return/Reports (November 16, 2007) [HTML]
- DOL Notice – Revision of Annual Information Return/Reports (November 16, 2007) [PDF]
- DOL Proposed Regulation - Reasonable Contract or Arrangement Under Section 408(b)(2)--Fee Disclosure
- DOL Takes Action on Disclosure of Compensation
- Form 5500 in Transition
- Department of Labor Advances Fee Disclosure Initiatives for ERISA Plan Service Providers
- LaRue Case, IRS Form 5500 Changes, Benefits of Participating in an ESOP
- DOL Issues Final Form 5500 Regulations
- Final Revised Form 5500 -- New Fee Reporting Rules
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