Federal agencies are currently considering a proposed rule to enhance the Form 5500 Annual Return/Report, including: 

• modernizing the financial and other annual reporting requirements on the Form 5500; 

• making investment and other information on the Form 5500 more data mineable; and  

• updating the group health plan annual reporting requirements.  

 

A release date has not been announced. 
 

Although the agencies have issued a number of proposed rules on the Form 5500, to date none have been adopted that materially impact the group health and welfare benefit plan annual reporting requirements.       

 

Penalties 

The penalty for failure or refusal to file a Form 5500 is a maximum of $2,586 per day, up from a maximum of $2,400 per day. The penalty became effective after January 15, 2023.