EBIA Weekly Newsletter

Agencies Propose Significant Changes to Form 5500

   July 13, 2016

Proposed Revision of Annual Information Return/Reports, 29 CFR Parts 2520 and 2590; 26 CFR Part 301; 29 CFR Part 4065, 81 Fed. Reg. __ (July 21, 2016); Proposed Rule: Annual Reporting and Disclosure, 29 CFR Parts 2520 and 2590, 81 Fed. Reg. __ (July 21, 2016)

Advance copy of proposed form changes

Advance copy of proposed regulations

The DOL, IRS, and PBGC have jointly proposed changes to Form 5500. Concurrently, the DOL has proposed changes to the ERISA reporting regulations to conform the regulations to the proposed Form 5500 revisions. Both items are scheduled for publication in the July 21, 2016 Federal Register. Most changes are targeted for implementation beginning with 2019 plan year filings. They include a detailed new schedule for group health plan reporting and a filing requirement for group health plans that are currently exempt from filing as small welfare plans. Proposed changes for retirement plans include reporting more detailed investment information and answering additional IRS-only questions.

This late-breaking development will be covered in next week’s EBIA Weekly. Meanwhile, for more information, see EBIA’s ERISA Compliance manual at Section XXII (“Annual Form 5500 Reporting to the DOL”), EBIA’s 401(k) Plans manual at Section XXXI (“Plan Administration: Annual Form 5500 Reports and SARs”), EBIA’s Cafeteria Plans manual at Section XXXIV (“Form 5500 and Other Reporting Requirements”), and EBIA’s Self-Insured Health Plans manual at Section XXIX.B (“Annual Form 5500 Reporting”).

Contributing Editors: EBIA Staff.