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GAO-08-310R 1 (2007-12-10)

handle is hein.gao/gaobadwsh0001 and id is 1 raw text is: I im T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-310806 December 10, 2007 The Honorable Edward M. Kennedy Chairman The Honorable Michael B. Enzi Ranking Minority Member Committee on Health, Education, Labor, and Pensions United States Senate The Honorable George Miller Chairman The Honorable Howard P. Buck McKeon Ranking Minority Member Committee on Education and Labor House of Representatives Subject: Department of Labor; Employee Benefits Security Administration: Annual Reporting and Disclosure Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Department of Labor (Department), Employee Benefits Security Administration, entitled Annual Reporting and Disclosure (RIN: 1210-AB06). The final rule amends the annual reporting and disclosure requirements under Part 1 of Subtitle B of Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The amendments are necessary to conform the annual reporting and disclosure regulations to revisions to the Form 5500, filed for employee pensions and welfare benefit plans under ERISA and the Internal Revenue Code. The Form 5500 changes are intended to facilitate the transition to an electronic filing system; reduce and streamline annual reporting burdens, especially for small businesses; and update the annual reporting forms to reflect current issues, agency priorities, and new requirements under the Pension Protection Act of 2006. The Form 5500 Annual Return/Report (Form 5500) is the primary source of information concerning the operation, funding, assets, and investments of pension and other employee benefit plans. In addition to being an important disclosure document for plan participants and beneficiaries, the Form 5500 is a compliance and research tool for the Department, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation (collectively, the Agencies) and a source of GAO-08-31OR

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