Changes Proposed for Form 5500

Federal agencies are proposing changes to improve the Form 5500 Annual Return/Report, the primary source of information about the operations, funding and investments of private-sector, employment-based pension and welfare benefit plans in the U.S. The form is filed by filed by private-sector employee benefit plans.

The proposed revisions are intended to:

• Modernize the financial statements and investment information filed about employee benefit plans;
• Update the reporting requirements for service provider fee and expense information;
• Enhance accessibility and usability of data filed on the forms;
• Require reporting by all group health plans covered by Title I of ERISA; and
• Improve compliance under ERISA and the Internal Revenue Code through new questions regarding plan operations, service provider relationships and financial management of a plan.  

 

The U.S. Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation are seeking public comments on proposed revisions. Written comments about the proposed regulations are due to the U.S. Department of Labor by Oct. 4, 2016. The federal agencies released the proposed regulations on July 11, 2016. If adopted, the changes generally would apply for plan years beginning on or after Jan. 1, 2019.