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DOL Consolidated Retirement Disclosure Rule Now at White House

Aug. 2, 2021, 4:37 PM

The White House is reviewing a proposed U.S. Labor Department rule that would allow groups of retirement plans to file consolidated annual disclosure forms.

Plans such as 401(k)s with similar investments and timetables and that use the same trustees, named fiduciaries, and administrators would be allowed to file a single Form 5500 under the proposed rule. The forms detail a plan’s financial condition, investments, and operation. The DOL and IRS require Form 5500 filings annually, and failure to comply can result in hefty fines and even legal action.

Congress enacted consolidated Form 5500s in the SECURE Act of 2019—part of ...

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