Proposed forms revisions: Form 5500 series, annual information returns

Form 5500 series, annual information returns

The Treasury Department and IRS today—along with the Labor Department’s Employee Benefit Security Administration and the Pension Benefit Guaranty Corporation—issued a notice of proposed revisions to the forms under the Form 5500 series.

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The 777-page notice of proposed forms revisions [PDF 2.5 MB] reflects (according to the preamble) an effort to improve employee benefit plan reporting by:

  • Modernizing financial information filed regarding plans
  • Updating fee and expense information on plan service providers (to harmonize the annual reporting requirements with financial disclosure requirements)
  • Requiring reporting by all group health plans 
  • Improving compliance through selected new questions regarding plan operations, service provider relationships, and plan financial management

 

These revisions, if adopted, generally would apply for plan years beginning on or after January 1, 2019. The notice of proposed forms revisions will appear in the Federal Register on July 21, 2016.

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