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Proposed Form 5500 Revisions

The Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PBGC) have proposed changes to the Form 5500, which will require plan sponsors to report more information. The changes are intended to modernize the information gathering from employee benefit plans, improve the usability for compliance and enforcement purposes, and increase data mining possibilities. The majority of the changes apply to plan years beginning January 1, 2009 or later. Much more detail will be required involving the reporting of loans, financial transactions, and prohibited transactions on Schedule G, re-establishment of Schedule G for ESOPs, and Schedule H, requesting new and more detailed financial information about retirement plans and their investments.

www.dol.gov; July 11, 2016.