New Form 5500 Filing Deadline
September 24, 2010
In late 2007, newly-revised regulations were put into place by the Department of Labor, Internal Revenue Service and the Pension Benefit Guaranty Corporation that made significant changes to the process of completing the Form 5500, the annual information return that is required for most pension plans. The changes made by these regulations went into effect this year, and for those employers required to file a Form 5500 and who maintain a calendar-year plan (the most common among higher education institutions), the filing deadline, including all extensions, of October 15th is rapidly approaching.
Recent news articles have indicated that a relatively small share of all plan providers have filed their Form 5500, so NACUBO is communicating with you to ensure that your institution remains in compliance with these new rules. Penalties for failing to meet the filing deadline can be significant, and completing the new form does require more planning and additional processes. We have assembled links to some resources for your use, listed below, and we encourage you to work with your plan service providers to gather the necessary data to properly complete the new form.
As always, if there is any way for NACUBO to be of assistance to you, please contact a member of our staff.
Resources from the Employee Benefits Security Administration (U.S. Department of Labor):
Director, Tax Policy
- Task Force Urges Regulatory Reform
- Legislators Take Action on Education, Charitable and Research Incentives
- Associations Comment on College Ratings System
- ON-DEMAND: How to Build, Develop, and Support a Compliance Program at Your Institution
- ON-DEMAND: Strategic Tuition Assessment and Tuition Restructuring
- ON-DEMAND: Are Shared Services Right for Your Organization – The KU Journey
- ON-DEMAND: VIRTUAL: 2014 Annual Meeting
- ON-DEMAND: VIRTUAL: Student Financial Services Conference
- ON-DEMAND: VIRTUAL: Higher Education Accounting Forum
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis