Washington (Oct. 9, 2002) -- The Internal Revenue Service has teamed up with the U.S. Department of Labor to make sure all employee benefit plans comply with their annual report filing obligations.

The Pension and Welfare Benefits Administration (PWBA) and the IRS have embarked on a joint project to check employee benefit plans with their annual return/report (Form 5500) filing obligations under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Failure to do so may result in significant monetary penalties.

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