The companies that administer retirement plans are not sure how to fill out plan tax forms this year.
Executives at the Spark Institute, Simsbury, Conn., a group that represents large retirement services vendors, have reported that finding in a summary of results from a survey of member companies that run plans with about 34 million participants.
The federal government has released regulations implementing new laws that require plans to provide more information about vendor fees, in an effort to ensure that plans are doing their best to hold down administrative costs.
Today, "a substantial majority of retirement plan service providers are unsure about how to comply with the new Form 5500 Schedule C reporting requirements," Spark Institute executives report.
