For financial professionals who wish to prospect in the retirement plan market, the most valuable public data source is a Form 5500 that the U.S. Department of Labor requires plans to file annually under the Employee Retirement Income Security Act (ERISA).
The form must be filed by all pension plans covered by ERISA, including inactive plans with no contributions or benefit payments, within seven months from the end of the plan year. The report must be completed on a computer-scannable form or electronic filing system that facilitates public inspection.
Form 5500 data normally is released by the Department of Labor to FreeERISA.com within about 12-18 months of filings. Each filing contains a wealth of data that can be useful in identifying plan prospects and developing specific ideas for them.
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