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EBSA News Release: [12/08/2006]
Contact Name: Peter Hong or Gloria Della
Phone Number: (202) 693-4676 or x8664
Release Number: 06-2053-NAT

U.S. Labor Department Proposes Pension Protection Act Revisions to the Form 5500 Annual Report for 2008

WASHINGTON — 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 proposed supplemental revisions to the 2008 Form 5500.

Pension and welfare benefit plans required to file an annual return/report regarding their financial condition, investments and operations each year generally satisfied that requirement by filing the Form 5500 Annual Return/Report of Employee Benefit Plan and any required attachments.

The proposed revisions implement amendments to the annual reporting and pension funding requirements of the Employee Retirement Income Security Act (ERISA) and Internal Revenue Code enacted as part of the Pension Protection Act (PPA). The proposal supplements a more general revision of the 2008 Form 5500 proposed by the agencies in July 2006. The supplemental proposal would replace the Schedule B (Actuarial Information) filed by defined benefit pension plans with separate actuarial schedules for multiemployer plans and single employer plans.

The supplemental proposal also would add questions to the Schedule R (Retirement Plan Information) to collect new information on defined benefit pension plans required under the PPA. Finally, the supplemental proposal would establish the Form 5500-SF, which was part of the agencies' July 2006 proposal, as the simplified report required by PPA for plans with fewer than 25 participants. These proposed revisions would be effective for 2008 plan year filings.

The public is encouraged to submit comments on the proposed supplemental form revisions electronically by email to e-ori@dol.gov or through the federal e-rulemaking portal at www.regulations.gov. Comments may also be submitted on paper to the Office of Regulations and Interpretation, Employee Benefits Security Administration, Room N-5669, U. S. Department of Labor, 200 Constitution Ave., N.W., Washington, D.C. 20210, Attn: Supplemental Forms Revisions.