EBSA Issues More Guidance on Form 5500 Schedule
C
October 23, 2009 (PLANSPONSOR.com) - The Department
of Labor's Employee Benefits Security Administration
(EBSA) has issued additional guidance in response to
questions from plans and service providers on the
requirements for reporting service provider fees and other
compensation on Schedule C of Form 5500.
The EBSA noted that the expanded requirements apply to
reporting for plan years beginning on or after January 1,
2009.
The guidance is provided in the form of 25
frequently-asked questions (FAQs), and topics covered
include:
-
Gifts, entertainment, and other non-monetary
compensation;
-
Compensation to hedge fund investment
managers;
-
"Look-through" investment funds;
-
Mutual fund redemption fees; and
-
ERISA fee recapture accounts.
The guidance also provides clarification regarding the
2009 plan year transition relief for service providers by
explaining that the transition relief also covers plan
administrators and Form 5500 preparers who rely on those
service providers for information needed to complete the
Schedule C. The details about the transition relief
were explained in an earlier set of FAQs released in July
2008 (see
EBSA Issues Form 5500 Schedule C Fee
Disclosure Guidance
).
The FAQs are
here
.
Rebecca Moore
editors@plansponsor.com