Labor Department Adopts Amendments To Annual Reporting Requirements

Archived News Release — Caution: Information may be out of date.

The U. S. Department of Labor today published a final rule amending the annual reporting regulations under the Employee Retirement Income Security Act (ERISA) which conform them to the new streamlined Form 5500, schedules and instructions.

The final rule updates references to the new structure and components of the revised Form 5500 and includes various technical and conforming changes relating to, among other things, the establishment of the Form 5500 as the standard format for annual reports filed by direct filing entities such as master trust investment accounts and 103-12 investment entities.

The final rule also includes an updated cross-reference guide as an appendix to the summary annual report (SAR) regulation. The appendix is designed to help plan administrators complete the SAR that must be furnished annually to participants and beneficiaries.

In addition, the final rule clarifies the reporting requirements for certain group insurance arrangements (GIAs). Welfare plans that participate in a GIA are exempt from ERISA's reporting requirements if the GIA files a Form 5500 on behalf of all participating plans and certain other conditions are satisfied. The final rule requires that GIAs must use a trust as a vehicle for payment of insurance premiums to an insurer to be covered by the exemption. This requirement is effective for plan years beginning with the first reporting year of the GIA commencing on or after January 1, 2001.

The final regulation is scheduled to be published in the April 19 Federal Register. This information and a hyperlink to the final regulation will be available on PWBA's internet site at www.dol.gov/dol/pwba in the near future.

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Archived News Release — Caution: Information may be out of date.