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Posted on: June 29th, 2011 | Category: Employment Administration, Government Regulatory & Compliance Issues, Human Resources, Our Blog, Payroll/Benefits, Tax Issues

(Just a friendly reminder about those 5500 & 5500-EZ forms, folks.)

hireVision would like to take this moment to remind employers about the upcoming July 31, 2011 filing deadline for your company’s 5500 & 5500-EZ forms.

The United States Department of Labor (DOL) now uses the EFAST computerized processing system. EFAST is designed to simplify and expedite the receipt and handling of the 5500 and 5500-EZ forms, which are used for 401(k), pension and other employee benefit plans to satisfy annual reporting requirements under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. It uses computer-scannable forms and electronic filing technologies. The EFAST system was created by the DOL, the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) in order to streamline the forms and the methods by which the these forms are filed and processed. Anyone still wanting to submit paper forms must obtained them from the IRS or printed using software from an EFAST-approved software developer, and filings using photocopies of approved forms or other substitute forms may be returned or cause correspondence requiring additional information.

The filing deadline for Form 550 and Form 5500-EZ is the 7th calendar month after the end of the plan year.  So the July deadline is for the 2010 plan year.

You may now return to your regularly scheduled web surfing.

Need help managing your DOL, IRS or other government compliance tasks? Contact Us today for more information about our HR Partnering Services can help you.

Please fill out the form below or call 610.443.0119 to learn more about what our modern HR services can do for you. We’ll get back to you within one business day—most likely less!
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myHR Partner’s periodic publication, MODERN EMPLOYER, is created for business executives, owners and HR professionals who want to maximize their human resource functions using progressive hiring and HR strategies. It’s informative, fun and practical. Oh, and it’s FREE too!

You’ll discover:

  • Tips on hiring, screening, and interviewing
  • Creative ideas to help retain your best employees
  • Ways to put the “human” back in Human Resources
  • How to perform effective reference checks
  • New HR regulations and how they affect you and your employees
  • How small changes in certain processes can have big results
  • How to tell when partnering with an outside provider is in your best interest
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