Labour market · 25/11/1998

Notice on Annual Reporting Enforcement Policy

The purpose of this notice is to announce the Department of Labor's decision not to adopt the proposed annual reporting enforcement policy described in a notice published in the Federal Register on March 13, 1997 (62 FR 11929). Under the proposal, the Department would not have rejected the annual report (Form 5500) of a multiemployer welfare benefit plan solely because the accountant's opinion accompanying the report was ``qualified'' or ``adverse'' due to a failure to account and report for post-retirement benefit obligations in accordance with American Institute of Certified Public Accountants (AICPA) Statement of Position (SOP) 92-6, or otherwise was affected by or reflected noncompliance with the financial statement disclosure requirements of SOP 92-6. The proposed enforcement relief also was made available on an interim basis for the 1996, 1997, and 1998 plan years to provide time for consideration of public comments on the proposal. Although the Department has decided not to adopt the proposed enforcement policy, to provide multiemployer welfare benefit plans with adequate time to comply with SOP 92-6's requirements, the Department, by this notice, is extending the interim re