Effective disclosures under Form 5500 filings help plan fiduciaries deal with the brunt of the Department of Labors persistent monitoring and penalties. But the quality of reporting depends entirely on whether benefit managers and plan fiduciaries select qualified auditors and service providers.
Speaking at the International Foundation of Employee Benefit Plans 60th Annual Employee Benefits Conference, Ian Dingwall, chief accountant for the DOLs Employee Benefits Security Administration, said that Form 5500, a disclosure document for plan participants and beneficiaries, is the main focus of EBSA and its office of the chief accountant.
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