Compliance September 19, 2011

DoL Introduces Form 5500 Version Selection Tool

The U.S. Department of Labor has released the Form 5500 Version Selection Tool to help plan sponsors determine which version of the form to use and which schedule they should use.
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The DoL said that with the change to an entirely electronic filing system, plus changes to the Form 5500, plan sponsor could use some extra guidance.

The DoL outlined four steps to use this tool: 

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  • In the plan filing field, enter the first day of the plan year for which you want to file. For Direct Filing Entity (DFE) filings, enter the last day of the plan year for which you want to file. The date should be entered in the mm/dd/yyyy format. 
  • If you are amending a previously filed Form 5500, check the box. 
  • If your plan is a Code 403(b) arrangement or if you are filing for a DFE, other than a Group Insurance Arrangement (GIA), check the appropriate box. If neither applies to your plan, leave the boxes unmarked. 
  • Select the get results box. A general description of what you are required to file will be displayed. The form year(s) that are available for you to file will be displayed in bold. If there are any prior year schedules that must be attached, they will be listed in the “Exceptions”. Any prior year schedules must be attached as a PDF file and are generally available at both www.efast.dol.gov and www.irs.gov. 

The DoL noted that the tool will not provide detailed instructions specific to a plan’s filing requirements.   

The tool is available at http://askebsa.dol.gov/FormSelector/.

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