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November 16, 2007 at 11:35 PM
The U.S. Department of Labor and the Internal Revenue Service are continuing to update the filing rules for benefit plans and for a variety of very small tax-exempt organizations.
The U.S. Labor Department says the IRS and the Pension Benefit Guaranty Corp. will publish revisions to the Form 5500 benefit plan annual return for plan year 2009, Friday.
One major provision will be a move to delay a shift to a wholly electronic filing system for at least one year, Labor Department officials say.
Plans and their vendors also will get more time to comply with other major Form 5500 changes, and 594,000 of the country’s 629,000 small plans will get the option of using Form 5500-SF, a new short form version of the Form 5500, officials say.
Retirement plan service providers will have to use the form to give more details about their compensation, but Labor Department officials have not yet given details about how compensation reporting will change.
The new rules also will make reporting requirements for 403(b) annuity plans that are subject to the Employee Retirement Income Security Act more like the reporting requirements for 401(k) plans, officials say.
In other filing news, the Internal Revenue Service today published temporary regulations and a rulemaking notice concerning filing rules for small tax-exempt organizations.
