EBSA Releases Guidance on Expanded Form 5500 Schedule C Reporting Requirements

The Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) has issued new guidance in the form of 25 frequently asked questions (FAQs) to help plan administrators and service providers of group health and other welfare benefit plans comply with the expanded requirements for reporting service provider fees and other compensation on Schedule C of the 2009 Form 5500 Annual Return/Report of Employee Benefit Plan. The EBSA implemented these requirements – which are effective for plan years beginning on or after January 1, 2010 – as part of a final rule published on November 16, 2007.

According to an EBSA press release, issues covered by the FAQs include the reporting of gifts, entertainment and other non-monetary compensation; compensation to hedge fund investment managers; “look-through” investment funds; mutual fund redemption fees; and ERISA fee recapture accounts.

Earlier guidance on these reporting requirements was released in July 2008.

Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.