IRS Issues Form 5500 for Benefits

The Internal Revenue Service has issued the Form 5500 series for use in filing 1998 annual reports of pension, welfare and fringe benefit plans.

All required forms and schedules must be filed by the last day of the seventh month after the end of the plan year. For a short plan year, required forms and schedules must be filed by the last day of the seventh month after the end of the short plan year.

Form 5500 satisfies the reporting requirements of the IRS, Labor Department and Pension Benefit Guarantee Corporation (PBGC) for qualified plans.

If plan administrators file Form 5500 electronically or on magnetic media, it must be accompanied by Form 8453-E, the Employee Benefit Plan Declaration and Signature for Electronic/Magnetic Media Filing document.

Administrators with plans covered by the PBGC termination insurance program must file PBGC Form 1, the Annual Premium Payment form, directly with the PBGC.

Source: Reprinted by permission of Council on Education in Management (March 1999) with the understanding that in publishing this material, the publisher is not engaged in rendering legal advice. If legal advice or other expert assistance is required, seek the advice of an attorney. Council presents employment law seminars nationwide for HR professionals and publishes the Personnel Law Update newsletter.