Labor Department Solicits Comments On Computer Scannable Versions Of The New Form 5500

Archived News Release — Caution: Information may be out of date.

The U.S. Department of Labor today published a Federal Register notice seeking public comments on draft computer scannable formats of the 1999 Form 5500 Annual Return/Report of Employee Benefit Plan. The formats were developed by two competing national computer firms for use with the new ERISA Filing Acceptance System or "EFAST."

The notice was issued by the department's Pension and Welfare Benefits Administration, the Internal Revenue Service and the Pension Benefit Guaranty Corporation which are jointly developing the EFAST system in conjunction with a simplified Form 5500 to streamline the report and the methods by which it is filed.

EFAST is designed to reduce government and plan costs associated with filing, receiving and processing annual return/reports by relying on computer scannable forms and electronic filing technologies.

The computer scannable formats developed by the competing firms may be obtained for viewing and downloading at PWBA's internet site at www.dol.gov/dol/pwba.

The final computer scannable versions of the forms are scheduled to be published following the selection of the firm that will process the new Form 5500 under the EFAST system. Use of the computer scannable forms will be mandatory for 1999 plan year filings except for those who file the Form 5500 electronically.

Written comments on the scannable formats should be submitted by July 28, 1999 and should be addressed to: EFAST Scannable Form 5500, Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Ave., N.W., Room N-5459, Washington, DC 20210. Comments can also be submitted by Internet to: comments-form5500@pwba.dol.gov. Copies of all public comments will be available in the PWBA Public Disclosure Room in Room N-5638 at the above address.

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.

Archived News Release — Caution: Information may be out of date.

Contact Name: Gloria Della
Phone Number: 202.219.8921