Last week, the Department of Labor, along with the IRS and Pension Benefit Guarantee Corporation released a statement asking for public input on proposed changes to the Form 5500 Annual Return/Report. The Form 5500 is used by Private-Sector businesses to file relevant information about employee health plans, welfare plans, and pension plans, and is required to be filed yearly.
The goals of the new revisions are as follows.
- Modernize financial statements and information filed about employee benefit plans
- Update reporting requirements for service provider fee and expense information
- Enhance accessibility and usability of data filed on forms
- Require reporting by all group health plans covered by Title I of ERISA
- Improve compliance under ERISA and the Internal Revenue Code through new questions regarding plan operations, service provider relationships, and financial management of the plan.
With the release of the proposal goals, the DOL is calling on stakeholders to comment on ways to create more efficiency and accuracy in the Form 5500 to make it suitable for modern times. The full proposal will be published on July 21th. From that date, you or any other stakeholders will have a 75 Day comment period expressing any concerns or revision proposals to the DOL.
For more information and ways to comment on the DOL proposal, visit dol.gov/ebsa.
Stay tuned for more information on the proposal in the coming days!