Retirement plan administrators will face new electronic filing requirements for employee retirement benefit plan statements, returns and related reports under the latest proposed rule from the IRS.
The proposal applies to IRS sections 6057, 6058, and 6059 — registration, compensation, and actuary reports. Compliance would be expected from administrators who send out more than 250 returns — of any type — annually. Electronic filing requirements would go into effect for plan-years that begin Jan. 1, 2014.
Administrations can request an economic hardship waiver, but the IRS expects granting very few waivers and only in the most exceptional cases.
Administrators filing the 5500 and 5500-SF forms already face electronic requirements. Meanwhile, many filers of form 8955-SSA already voluntarily do so electronically.
The IRS will accept comments until Oct. 29.