Feds To Require Electronic 5500 Filing

The U.S. Employee Benefits Security Administration has proposed a regulation that would require plans to file Form 5500 Series benefit plan tax returns electronically starting in 2008.[@@]

“By using a modern, electronic filing-based system, we will reduce the burden on filers while improving both the accuracy and timeliness of the reports,” says Ann Combs, assistant secretary for employee benefits security.

The proposed regulation will apply to all employee benefit plans required to file Form 5500 reports with the U.S. Labor Department.