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ERISA News & Views  -  November 2009

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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