DOL Emailing Form 5500 Filers to Raise Awareness About Schedule C


Scott C. Albert, chief of the reporting and compliance division at the Department of Labor's Employee Benefits Security Administration, said recently that DOL is sending emails to Form 5500 filers if they are large employee benefit plans that have not included a Schedule C.

Plan sponsors are required to report on Schedule C each service provider that received $5,000 or more in direct or indirect compensation from a plan. DOL is concerned that plan administrators and fiduciaries are unaware of the fees and expenses that they are supposed to report on Schedule C, Albert said, and almost all large plans require Schedule C because of investments in mutual funds.

Albert said the Schedule C email campaign is having some success, as many people are responding, and half of the emails result in a 20-minute conversation between the filer and a DOL analyst. Albert said DOL is also using email to send rejection letters for such deficiencies as missing accountant reports.