Plan administrators, employers, and other entities located in areas directly affected by the recent California wildfires have extra time to file their Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500-EZ, Annual Return of One Participant (Owners and Their Spouses) Retirement Plan.
DOL's Employee Benefits Security Administration (EBSA) recently announced that Form 5500 series filings due between October 21, 2007, and January 31, 2008, are granted an extension until January 31, 2008. Eligible filers should check Part I, Box D on Form 5500 or Part I on Form 5500-EZ and attach a statement as outlined in the directions.
The extension also applies to organizations outside the affected areas, if those organizations were unable to obtain necessary information from service providers, banks, or insurance companies that were directly affected by the fires, according to EBSA.
In related news, EBSA, the IRS, and the Pension Benefit Guaranty Corporation (PBGC) released advance informational copies of the 2007 Form 5500. Changes to the form include a simplified reporting option for eligible plans with less than 25 participants and revised Schedule B instructions.