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ERISA News & Views - November 2009 | |
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What's New in ERISA - Looking Ahead to 2010
ERISA Pros
will begin offering Form 5500 preparation & electronic online
filing services for Health & Welfare Benefit Plans using the
Department of Labor's (DOL) EFAST2 system. Beginning in 2010, employers
must file all Plan Year 2009 and later Form 5500s electronically.
Electronic Filing in 2010
The DOL's new requirement that Form 5500s
be filed electronically may make it easier and faster for some
employers to file, but for others, it will create confusion and
complication. It will also make it easier for the DOL to monitor
compliance and enforce penalties. Rather than relying on random audits
or participant complaints to initiate an investigation of an employer's
compliance with ERISA, the DOL will be instantly alerted if numbers on
a Form 5500 are inconsistent or if the form is incomplete or not
prepared and filed at all. The DOL will also be able to perform
additional checks on the Form 5500, such as the reasonableness and
accuracy of information provided.
What This Means to You
An employer
is solely responsible for the Form 5500 and Summary Annual Report (SAR)
preparation, even when prepared by its broker or other
consultants. With the additional time involved becoming familiar
with the new EFAST2 system and extensive new DOL rules for electronic
filing, coupled with the additional scrutiny in this area, many
employers, brokers, and other consultants may wish to transfer this
important task to a qualified service provider such as ERISA Pros.
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Atlanta attorney, Bernard Kearse, JD, LLM, founded ERISA Pros to
fill the need for high quality, yet affordable SPDs for Welfare
Benefit Plans. For a complimentary ERISA compliance evaluation or for
additional information on ERISA Pros, its Wrap-Tight sm SPD, or Form 5500 preparation and electronic filing, contact us today.
Call Us: 678-443-4003 or 1-866-488-6582 toll free
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Wrap-TightSM SPDs
5500 Preparation
for
Health & Welfare Benefit Plans only
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© 2013 ERISA Pros, LLC, All rights reserved. Information on ERISA Pros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISA Pros. Transmission of this information does not create an attorney-client relationship. ERISA Pros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.
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