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DOL issues guidance on reporting delinquent participant contributions.

The U.S. Department of Labor's Employee Benefits Security Administration has issued frequently asked questions and answers to provide guidance to plan administrators and accountants on complying with the requirements of the 2003 Form 5500 Annual Return/Report of Employee Benefit Plan for reporting delinquent participant contributions in the Form 5500 Schedules. The guidance is available on EBSA's Web site at

The 2003 Form 5500 instructions state that delinquent participant contributions reported on Line 4a should be treated as part of the supplemental schedules for purposes of reporting on the plan's financial statements by the independent auditor, and the independent auditor would express an opinion on whether the scheduled information is presented fairly in all material respects in relation to the basic financial statements taken as a whole. Questions concerning this guidance may be directed to the EBSA's EFAST Help Line at 866/463-3278, Monday through Friday from 8:00 a.m. to 8:00 p.m., Eastern Time.
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Title Annotation:regulatory matters; Department of Labor
Publication:CPA Letter
Article Type:Brief Article
Geographic Code:1USA
Date:Jul 1, 2004
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Next Article:GASB issues new statements, technical bulletin.

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