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Employee Benefit Plans: FAQs Provide Guidance on Schedule C |
In November, 2007, the Department of Labor’s Employee Benefits Security Administration (EBSA) published final form revisions and a final regulation providing new requirements for reporting service provider fees and other compensation on Schedule C of the 2009 Form 5500, Annual Return/Report of Employee Benefit Plan. Recently, EBSA released answers to 40 frequently asked questions (FAQs) to provide guidance to plan administrators and service providers on complying with the new requirements of the 2009 Form 5500 Schedule C.
The FAQs also are helpful in understanding the new rules, which are generally effective for plan years beginning on or after January 1, 2009. Issues addressed by the FAQs include the alternative reporting option for eligible indirect compensation, electronic disclosure of fee information by service providers, fee reporting for brokerage window options in participant directed plans, and reporting of gifts, entertainment, and other non-monetary compensation. The FAQs are available in full at http://www.dol.gov/ebsa/faqs/faq_scheduleC.html. |