By Jane Meacham
The U.S. Department of Labor (DOL) on July 11 issued a notice of proposed revisions and other guidance outlining several changes to Form 5500 aimed at keeping annual reporting by employee benefit plans in line with technical, legal, and regulatory changes.
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The 777-page notice on changes to Form 5500, to be published July 21 in the Federal Register (FR)—along with a Notice of Proposed Rulemaking (NPRM) on updates to DOL’s regulations implementing the changes—is expected to be effective for the 2019 plan year, for which report filing starts January 1, 2020. The DOL is joined by the Internal Revenue Service (IRS) and the U.S. Pension Benefit Guaranty Corporation (PBGC) in issuing the planned revisions.
Form 5500 is the primary source of information about the operation, funding, assets, and investments of employer-sponsored retirement and health plans.