May 20, 1997
Employee Plan Deadlines Extended
for Midwest Disaster Areas
WASHINGTON - The Internal Revenue Service and the U.S.
Department of Labor's Pension and Welfare Benefits Administration
have granted extensions to pension and other employee benefit plans
in the federal disaster areas of Minnesota, North Dakota and South
Dakota. Plan administrators will have until June 30, 1997, to file
The extension applies to employee benefit plans, banks and
insurance companies located in the counties designated as federal
disaster areas. It also applies to plan administrators located
outside the disaster areas who are unable to obtain the information
necessary for filing from service providers, banks, or insurance
companies whose operations are located in the disaster areas.
The agencies will not impose late filing or late payment
penalties for pension and employee benefit plan returns/reports and
related excise taxes due on or after April 15, 1997, if the filing
or payment occurs by June 30, 1997. This would include, for
example, Form 5500 series reports and excise tax returns.
To qualify for the extension, returns/reports must be marked in
red, bold print "'97 Floods" on the top center of the first page.
The return/report of an employee benefit plan not located within a
designated disaster area must have an attachment identifying the
plan's service provider affected by the disaster and the county in
which the service provider is located.
The IRS cannot administratively extend certain deadlines set by
law and these deadlines must be met: -- contributions to qualified
employee benefit plans must be made by the due date of the return
(with extensions) to be deductible on that return; -- contributions
to pension plans under the minimum funding standards of Internal
Revenue Code Section 412 must be made by the dates specified; -- a
rollover to a qualified plan or individual retirement account (IRA)
must be completed within 60 days of receipt of the distribution; and
-- IRA contributions for 1996 must have been made by April 15, 1997.
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