EB Flash: EBSA Mandates E-Filing for 'Top Hat' Plans
Employee Benefits Alert
The Employee Benefits Security Administration (EBSA) today issued final rules revising the filing method for "top hat" nonqualified deferred compensation plans under section 2520.104-23, and apprenticeship and training plan notices under section 2520.104-22. These filings are necessary to exempt these plans from ERISA's annual reporting requirements, such as the Form 5500 filing.
The final regulation requires electronic submission of these notices and statements, as opposed to paper filings. Other than requiring the submission of an email address, the content of these filings is not affected. Submissions under the new e-filing rule will also receive an automatic confirmation of delivery, a feature not available under the paper-filing method.
EBSA claims that the new mandate will make the filing of these notices and statements "easier and lower regulatory burdens." The new rules will also help make these reports more readily available to participants and beneficiaries, EBSA says.
The regulations are set for publication in the Federal Register on June 17, 2019 and will take effect 60 days thereafter.
The 13-page text of the final regulations is posted here.
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