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Release Date: 12/29/2003
Release Number: 03-1003-NAT
Contact Name: Gloria Della
Phone Number: 202.693.8664
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Washington,
DC - The U.S. Department of Labor’s Employee Benefits Security
Administration (EBSA), the Internal Revenue Service (IRS) and the Pension
Benefit Guaranty Corporation (PBGC) today announced the release of the 2003 Form
5500, tips to avoid common filing errors and frequently asked questions (FAQs)
for small pension plans that use the audit exception.
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Ann L. Combs, Assistant Secretary of EBSA said, “These information tools
are part of Labor Secretary Elaine L. Chao’s ongoing commitment to compliance
assistance initiatives that maximize compliance with employee benefits law.” |
The Form 5500 and Form 5500-EZ for plan year 2003 are essentially unchanged
from 2002. Minor modifications have been made to the instructions and
attachments to be filed with the forms. (See attachment
for a list of some of the modifications.) |
The tips and FAQs will help plans avoid basic filing errors and explain the
conditions that small pension plans must meet to be eligible for a waiver of the
annual audit requirement. The FAQs also include model summary annual report
language for the required participant notice under the small plan audit
exception. |
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Information copies of the forms, schedules and instructions, the tips and
FAQs are available on EBSA’s web site at www.efast.dol.gov.
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Beginning this year, the Forms 5500 and 5500-EZ booklets with the official
hand print forms and instructions will not be automatically mailed to filers of
record. A postcard will be mailed instead to remind filers of the filing
obligation. |
The official government printed forms will be available early next year by
calling 1.800.TAX-FORM. Filers should monitor the EFAST web site for information
on approved software vendors for completing 2003 Forms 5500 by computer and for
electronic filing options. Filers may contact the EFAST Help Line for general
assistance by calling 1.866.463.3278. |
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U.S. Labor Department releases are accessible on the
Internet at http://www.dol.gov/ebsa. The information in this news release
will be made available in alternate format upon request (large print,
Braille, audio tape or disc) from the COAST office. Please specify which
news release when placing your request. Call 202.693.7773 or TTY
202.693.3911. The U.S. Department of Labor is committed to providing
America's employers and employees with easy access to understandable
information on how to comply with its laws and regulations. For more
information, please visit www.dol.gov/compliance. |
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The modifications to the Form 5500 Annual Report for
2003 include the following:
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Form 5500—The instructions add two
plan characteristic codes to lines 8a and 8b: Code 3I on employer
contributions to pension plans invested and held in employer
securities, and Code 4U for certain collectively bargained welfare
benefit plans under the Internal Revenue Code.
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Schedule B—The instructions for
line 4a, Quarterly Contributions, are modified for new plans; the
instructions for line 8c and the Schedule of Active Participant Data
are modified to incorporate average cash balance account data; and on
line 9l(2), the current liability full funding limitation is now based
on 170% of current liability.
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Schedule E — Line 1 is a
modification of the former line 17 regarding Subchapter S Corporation
employee stock ownership plans.
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Schedule H—Line 3 is reordered to
clarify the reporting of information concerning the audit and opinion
of the independent qualified public accountant.
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Schedule H and Schedule I—Information
concerning delinquent participant contributions reported on line 4a is
no longer required to also be reported on line 4d (or Schedule G).
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Schedule SSA—The instructions
alert filers that non-standard printouts will no longer be allowed to
report separated vested participants on the 2004 forms.
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