Form 5500: final rule on e-filing and proposed improvements.The U.S. Department of Labor's Employee Benefits Security Administration announced a final regulation requiring plans to file Form 5500 annual reports electronically, effective for plan years starting on or after Jan. 1, 2008. [ILLUSTRATION OMITTED] Simultaneously, EBSA EBSA Employee Benefits Security Administration (US DOL; formerly Pension and Welfare Benefits Administration) EBSA European Biophysical Societies' Association EBSA European BioSafety Association EBSA European Biological Safety Association , the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. and Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation (PBGC) A federal agency that insures the vested benefits of pension plan participants (established in 1974 by the ERISA legislation). Pension Benefit Guaranty Corporation proposed changes to Form 5500, including increased transparency of plan-related fees and expenses and improved information on the funding of defined benefit plans Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan . Written comments on the proposed Form 5500 revisions are due Sept. 19, 2006. For more, visit www.dol.gov/ebsa/newsroom/pr072006.html. To read more about the final regulation requiring electronic filing of Form 5500, visit www.dol.gov/ebsa/regs/fedreg/final/2006006331.htm. |
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