The PWBA processes the reports, and provides information to the Internal Revenue Service (IRS), the DOL, and Pension Benefit Guaranty Corporation (PBGC), who then disclose information to the public.
The DOL reviews the information for ERISA enforcement purposes such as reporting and fiduciary standards. The IRS enforces employee participation eligibility and employer contribution standards. The PBGC insures the participant benefits in defined benefit private pension plans, with exceptions.
The DOL, PBGC, and IRS have compiled guidelines for some Form 5500 filing problems.
Information collected on Form 5500 includes basic plan identifying information, assets and liabilities, insurance, and financial transactions.
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