This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify specified returns required for deferred compensation plans and other employee benefit plans to permit all members of a group of plans to file a single aggregated annual return or report satisfying the requirements of both the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA).
The requirement applies to a group in which all of the plans
- are individual account plans or defined contribution plans;
- have the same trustee, the same one or more named fiduciaries, the same administrator, and plan years beginning on the same date; and
- provide the same investments or investment options to participants and beneficiaries.
The bill also specifies that, for the purposes of applying the numerical limitations related to the electronic filing of returns for deferred compensation plans, each plan for which information is provided on the return must be treated as a separate return.