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BNY Mellon Asset Servicing Enhances Online Form 5500 Reporting Capabilities

Posted on: Wednesday, 29 April 2009, 07:35 CDT

New reports streamline info used for ERISA and IRS filings

BOSTON, April 29 /PRNewswire-FirstCall/ -- BNY Mellon Asset Servicing, the world leader in securities servicing, announced several enhancements to the online Form 5500 reporting capabilities of its web portal Workbench. The new reporting features make it easier for US corporate clients to fulfill their year-end Form 5500 reporting to the Department of Labor as required by the Employee Retirement Income Security Act (ERISA).

BNY Mellon Asset Servicing released a new Form 5500 Schedule R report to assist clients by reporting the beginning-of-year distribution of assets in five categories: stocks, investment-grade debt instruments, high yield debt instruments, real estate, and other asset classes. The company also improved online customized data access to the following Form 5500 reports:

• Schedule of Investments at Plan Year End
• Realized Gain Loss Report
• Certain Investment Arrangement Report
• Contributions, Expenses and Transfer Detail Transaction Report.

Using BNY Mellon's Workbench website, plan sponsors can now customize downloads of their 5500 information into industry-standard file formats like XLS, CSV and TXT.

"We continue to enhance the Workbench portal with features that are important to our clients' success," said Steve Boor, global information delivery product manager for BNY Mellon Asset Servicing. "These new features will allow our clients more control and ease in managing and filing their required 5500 information."

BNY Mellon's Form 5500 reporting package provides a suite of detailed, fully audited PDF statements to assist clients in the timely and accurate filing of Form 5500 in accordance with Internal Revenue Service and Department of Labor regulations. In June, BNY Mellon will add a report designed to help clients prepare Schedule C of Form 5500 by identifying trust payments made to service providers.

BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services. BNY Mellon Asset Servicing provides services through The Bank of New York Mellon and other related companies.

The Bank of New York Mellon Corporation (NYSE: BK) is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.

SOURCE The Bank of New York Mellon Corporation

Source: PR Newswire

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