Skip to main content

You are here

Advertisement

Form 5500 Gets a Makeover: What Does This Mean for Plan Sponsors?

On July 21, 2016, the Department of Labor (DOL) issued proposed amendments to the 5500 series forms in a “Notice of Proposed Forms Revisions,” prepared jointly by three agencies: the DOL, the Internal Revenue Service and the Pension Benefit Guaranty Corporation, collectively referred to as “the agencies.”

Form 5500 has historically served as the primary source of information about the operations, funding and investments of private-sector, employment-based pension and welfare benefit plans in the United States. However, existing forms have not kept pace with industry changes, making it difficult for the agencies to capture the information they need to protect employee retirement and health benefits.

The proposed revisions would add a number of new reporting requirements designed to aid the agencies in assessing whether a retirement plan is being operated and maintained in compliance with the Internal Revenue Code and the Employment Retirement Income Security Act of 1974 (ERISA). Read more to find out the changes that would affect several existing reporting obligations for retirement plans.

Jeffrey Hemker is the National Sales Manager, Retirement Division, at Invesco.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Invesco Distributors, Inc. 1/17 US1040

Advertisement