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Check benefits compliance; new enforcement on the way

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in Employee Benefits Program,Human Resources

The IRS and U.S. Labor Department are joining forces to make sure employee benefit plans comply with annual filing requirements under ERISA (Employee Retirement Income Security Act), specifically Form 5500.

The agencies are researching databases to identify employers that failed to file their 2001 Forms 5500. They'll use that information to scout out potential nonfilers for this plan year. Starting this month, problem employers will be mailed letters of inquiry.

For advice on filing this form, see a new "Troubleshooter's Guide" to filing Form 5500 at www.dol.gov/PWBA/ PDF/troubleshootersguide_pt1.pdf.

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