IRS ERISA Reporting Guide Outlines Who, What, When, Why — and How Much

By Nevin Adams • September 23, 2014 • 0 Comments
If you (or your plan sponsor clients) are looking for an easy-to-use guide to employee benefit plan reporting, the IRS has just the thing: a handy guide of reporting and disclosure requirements under ERISA.

The “Reporting and Disclosure Guide for Employee Benefit Plans” was prepared by the IRS and reviewed by the Treasury Department, the Department of Labor, and the Pension Benefit Guarantee Corporation. It is intended to be used as a quick reference tool for certain basic reporting and disclosure requirements under ERISA.

Retirement plans generally are required by law to file certain forms with the IRS and the Department of Labor and to send out notices to affected parties when certain events happen, such as when the plan requests a ruling from the IRS. Different reporting and disclosure requirements apply depending on the type of plan and the plan’s circumstances.

The guide outlines not only the required document(s), but why, who is required to produce the document and to whom, as well as when – and the potential penalties for failing to do so.

The IRS notes that this particular guide should be used in conjunction with the DOL Retirement Plan Reporting and Disclosure Guide.