The federal government is asking members of the public for comments on ways to improve the employee benefit plan tax form.[@@]
The U.S. Department of Labor and the federal Pension Benefit Guaranty Corp. have submitted the Form 5500 and Schedules forms for review by the Office of Management and Budget.
The Paperwork Reduction Act of 1995 requires the OMB to conduct regular reviews of the burdens imposed by federal forms and other federal information collection efforts.
The OMB is estimating that more than 860,000 U.S. businesses use the Form 5500 and Schedules forms to file information about their activities with the PBGC, the Labor Department’s Employee Benefits Security Administration and the Internal Revenue Service.
The collection of information for EBSA takes about 1.9 million hours and costs employers about $664 million, EBSA estimates.