A company is offering two online services to help retirement plan sponsors comply with new U.S. Department of Labor data collection and investment expense disclosure regulations.
The Labor Department now requires many employer sponsors of retirement plans to file their annual Form 5500 report electronically and provide more information than ever before, according to Principal Financial Group Inc., Des Moines, Iowa (NYSE:PFG).
The company's Consolidated Disclosure Tool will help large-plan filers -- those with 100 or more participants -- meet the Labor Department's eligible indirect compensation requirement, says Principal.
The updated Data Collection Tool will help plan sponsors comply with the new requirement to file forms electronically through the EFAST2 Labor Department filing system, Principal says. Plan sponsors can also now include outside assets electronically instead of adding them manually, the company says.
