DOL extends deadline to comment on Form 5500 proposal
FINANCIAL REPORTING INSIGHTS |
In July 2016, the Employee Benefits Security Administration (EBSA), the Internal Revenue Service and the Pension Benefit Guaranty Corporation issued proposed revisions to the annual information return/reports filed by private-sector employee benefit plans. EBSA also published proposed changes to its annual reporting and disclosure regulations, and the original deadline to comment on both proposals was October 4, 2016.
Recently, the U.S. Department of Labor (DOL) announced a two-month extension of the comment period for these proposals; the deadline to comment is now December 5, 2016. This extension provides more time for plan sponsors, preparers and other users to submit thoughtful comments on the proposed revisions that likely will have significant implications for them. Among the numerous proposed revisions to the Form 5500 are many new questions requiring additional disclosures and the requirement that various items previously attached to the Form 5500 be embedded within the form itself using prescribed formats, for purposes of data mining. Highlights of the many proposed revisions are briefly summarized in our article, Form 5500 improvement and modernization proposal.