Rochester, New York (PRESS RELEASE – September 13, 2010) – In conjunction with 401(k) Day, Paychex, Inc. reminds companies offering retirement plans that all Form 5500s, including delinquent and amended returns, must now be filed electronically. To help businesses comply with the new rules, Paychex offers clients a solution for electronically reviewing, signing, and transmitting Form 5500 to the U.S. Department of Labor through the Paychex Online Retirement Services website.
Once an Electronic User ID and Signature PIN are obtained from the Department of Labor, the new e-filing service from Paychex allows clients to file Form 5500 from its retirement services website in three simple steps: review, approve, and submit.
“Complying with the new Form 5500 e-filing requirement reflects the many rules and regulations associated with administering retirement plans that business of all sizes face,” said Janice Nearen-Bell, Paychex Human Resource Services vice president of sales. “Our retirement services group focuses on understanding these issues and providing simple and affordable solutions for businesses to stay compliant with complicated business regulations.”
Each year, administrators of pension and welfare benefit plans must file Form 5500, formally known as the Annual Return/Report of Employee Benefit Plan, regarding their financial condition, investments, and operations. The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation jointly developed the Form 5500 series as a source of information and data for assessing employee benefit, tax, and economic trends and values relative to retirement plans.
As of the 2009 plan year filing, companies must submit Form 5500 electronically to the Department of Labor. Electronic filing was put in place to enable the federal government and public to have real-time, online access to information about private-sector employee benefit plans and to increase the accuracy and efficiency of reported plan information used by the government and public.
In addition to the services provided for Form 5500 filing, the Paychex Online Retirement Services website provides a comprehensive range of other services, including:
- viewing and updating plan and participant information
- determining employees who are eligible to enroll
- obtaining forms and reports for operating your plan
- granting access to the site to your accounting professional or financial advisor
- receiving answers to questions about your plan
Collision Care Services, a Philadelphia- based auto body center, recently learned the value of working with Paychex Retirement Services after successfully completing their online Form 5500 filing.
“As a business, it’s challenging when you don’t have all of the answers you need for completing an important filing. Our previous provider had listed an incorrect number for eligible participants on the Form 5500, which posed several issues,” said Dee Copeland, controller, Collision Care Services. “Paychex stepped in and went above and beyond to help amend the plan, providing exceptional guidance throughout the entire process. Our representative made sure that everything was corrected, streamlined, and filed successfully so that we were fully compliant for every employee. I was ecstatic that we didn’t have to get audited, and more than impressed with the level of service and attention to detail toward my business.”
For more information on the electronic Form 5500 filing, visit www.efast.dol.gov. To learn more about retirement solutions from Paychex, please view the Paychex 401(k) and Retirement Services online demonstration or download a free white paper from Paychex, Strategic Benefits of a 401(k) Plan for Smaller Businesses, at http://smallbusiness.paychex.com/benefits/retirement.aspx.
About 401k Day
401(k) Day, sponsored by Profit Sharing/ 401k Council of America (PSCA), emphasizes the communication and education of retirement savings. The PSCA campaign connects lifestyle with investment options to position individuals for long-term security. The PSCA reminds individuals that anyone can prepare for financial stability regardless of their current life stage.
Paychex, Inc. (PAYX 25.85, +0.06, +0.23%) is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex. Human resource services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers’ compensation, are made available through Paychex Insurance Agency, Inc. Paychex was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices serving approximately 536,000 payroll clients nationwide as of May 31, 2010. For more information about Paychex and our products, visit www.paychex.com.