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Release Date: 04/21/2002
Release Number: USDL 02-12
Contact Name: Sharon Morrissey
Phone Number: 202.693.8664
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Washington, DC - The U.S. Department of
Labor’s Pension and Welfare Benefits Administration announced today that it is
returning plan year 2000 Form 5500 Annual Returns/Reports filed on non-standard
forms, which cannot be processed by the department’s new computerized ERISA
Filing Acceptance System (EFAST). The department’s plan gives affected filers
an additional 60 days to resubmit their forms in an acceptable format.
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PWBA has received approximately one
million plan year 2000 filings to date. The agency estimates that about 5
percent of the filings received were submitted on non-compliant forms.
Beginning this week, these filings will be returned unprocessed to filers.
The returned filings will be accompanied by letters that provide guidance to
filers on how to make the necessary corrections.
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For the 2000 plan year filings only,
filers will be granted 60 days to resubmit their returns/reports on either
official government printed forms or on forms generated using vendor software
that has been approved by the government. The 60-day period commences from
the date the non-compliant filings are mailed by the department to the filers.
A compliant filing that is resubmitted within the 60-day period will be deemed
“filed” on the original date the non-compliant filing was received by the
department.
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PWBA’s Assistant Secretary Ann L.
Combs said, “The new EFAST system enhances our ability to protect the employee
benefit plans of working men and women by improving the timeliness and accuracy
of the information filed with the department. As part of Secretary
Chao’s 21st Century workplace initiative, the new system will assist the
federal government, plan administrators, and the workforce. Also, we hope
non-compliant filers take advantage of the opportunity to resubmit correct
forms.”
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PWBA, however, cautioned that filers
who do not resubmit their 2000 reports in an acceptable format will be subject
to penalties for non-compliance under section 502 (c)(2) of the Employee
Retirement Income Security Act (ERISA).
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Official forms may be obtained from
the Internal Revenue Service by calling 1.800.TAX-FORM. The list of
approved software vendors can be found on the EFAST
web site.
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Filers may check on PWBA’s receipt
of their 2000 plan year filings by calling the PWBA Help Desk at 1.866.463.3278 and by selecting
option 3.
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U.S.
Department of Labor news releases are accessible on the Internet. The information in this news release will be made
available in alternate format upon request (large print, Braille, audio
tape or disc) from the Central Office for Assistive Services and
Technology. Please specify which news release
when placing your request. Call 202.693.7773 or TTY 202.693.7775.
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