<nobr>Jul 24, 2006</nobr>

Final Rule Requires Electronic Filing Of Form 5500 on or After Jan. 1, 2008

The Department of Labor's Employee Benefits Security Administration July 20 released a final rule requiring the electronic filing of Form 5500, Annual Return/Report of Employee Benefit Plan, for plan years beginning on or after Jan. 1, 2008.

EBSA also released a notice of proposed revisions to Form 5500, including its schedules and attachments, and a proposed new Short Form 5500. The notice of proposed rulemaking was issued jointly with the Internal Revenue Service and the Pension Benefit Guaranty Corporation.

In addition, the department released a proposed rule that would conform the annual reporting and disclosure regulations to the proposed revisions to Form 5500, all of which are intended to facilitate the transition to an electronic filing system.

Full technical details regarding the new electronic filing system is currently not available as many of the technological aspects of the redesign are still in development. However, the department emphasized the following expectations for its new electronic filing system among other things,

• incorporation of the Internet as the sole medium for transmission of all filings;
• incorporation of immediate validity and accuracy checks that will reduce errors; rejections, and related potential penalties;
• a secure Internet-based method for transmission of filings created through the use of the software for users of approved, privately developed computer software;
• continued support for private sector software developers; and
• improved data exchange technology based on widely accepted standards.

Final Form 5500 Electronic Filing Regulations

Notices of Proposed Revisions to Form 5500 & Proposed Short Form 5500

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