AICPA Urges Extension for Deadline to File Pension Plan Forms 5500/5500-SF
Published October 12, 2010
The American Institute of Certified Public Accountants urged the U.S. Department of Labor, U.S. Department of the Treasury, Internal Revenue Service and Pension Benefit Guaranty Corporation to extend by two months the Oct. 15 deadline for filing annual forms and reports for employee benefit plans.
The AICPA said this is the first year that the Forms 5500/5500-SF must be submitted electronically and that “employers, plan sponsors, record keepers, mutual fund companies, and practitioners are all experiencing a challenging transition year with the new Employee Retirement Income Security Act Filing Acceptance System (EFAST2) requirements.”
The AICPA said this is an especially difficult filing season because there were “significant delays” before the forms were available since software developers had to code programs so the new forms and schedules could be processed and that this is the first year that Internal Revenue Code section 403(b) pension plans have to comply with annual reporting rules that apply to other ERISA-covered pension plans.
Read the AICPA letter.