Labor Department Proposes Amendments To Annual Reporting Regulations

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor has proposed amendments to its annual reporting regulations under the Employee Retirement Income Security Act (ERISA) to conform the regulations to the new streamlined Form 5500, schedules and instructions. The new Form 5500 will be implemented for employee benefit plans starting with 1999 plan year filings.

“The department’s proposed rule is the last step the department needs to take in achieving a streamlined form and process for annual reporting by more than 800,000 plans” said Meredith Miller, Deputy Assistant Secretary for Policy of the Pension and Welfare Benefits Administration. “When the process is completed, plans and their participants and beneficiaries will benefit from the improved Form 5500 and the new electronic EFAST system being developed for filing and processing the forms.”

Besides making conforming revisions, the proposed regulation also would make other technical changes that clarify the existing reporting regulations. The proposed regulatory amendments, however, do not revise the new streamlined Form 5500 itself.

Written comments on proposed amendments to the reporting regulation should be submitted to: Office of Regulations and Interpretations, Pension and Welfare Benefits Administration, U.S. Department of Labor, Rm. N5669, 200 Constitution Ave., N.W., Washington, DC 20210; “Attention: Proposed Amendments To Annual Reporting Regulations.”

Comments previously submitted to the department in connection with the published forms revisions will be considered as part of the public record for this regulatory proposal to eliminate the need to submit duplicate public comments. Therefore, any comments relevant to the proposed regulatory amendments will be treated as comments on the proposed rule.

The proposed regulation is scheduled to be published in the Dec. 10 Federal Register. This information and a hyperlink to the proposed regulations will be available on PWBA's internet site.

U.S. Department of Labor news releases are accessible on the Internet. The information in this news release will be made available in alternate format upon request (large print, Braille, audio tape or disc) from the Central Office for Assistive Services and Technology. Please specify which news release when placing your request. Call 202.693.7773 or TTY 202.693.7755.

Archived News Release — Caution: Information may be out of date.

Contact Name: GLORIA DELLA
Phone Number:202.219.8921