Employee Benefits News examines legal developments that impact the employee benefits and executive compensation employers provide, including federal and state legislation, rules from federal...
By Sean Forbes
July 11 — Modernizing and improving the annual reporting forms filed by private-sector employee benefit plans is the goal behind proposed revisions issued by the three federal agencies that regulate benefit plans.
The Department of Labor, the Internal Revenue Service and the Pension Benefit Guaranty Corporation in a 777-page proposed rule (RIN:120-AB63) issued July 11 said the revisions are necessary because the annual return/report forms—known as Form 5500—haven't kept pace with market developments and changes to employee benefit laws.
The current Form 5500 is outdated and misses information that prevents the three agencies from effectively protecting employee retirement and health benefits, the agencies said.
The DOL separately also published a related notice of proposed changes (RIN:1210-AB63) to its annual reporting regulations under the Employee Retirement Income Security Act.
One of the key proposed changes is to require more granular financial investment data, especially where plan sponsors must fill out what assets their plans are invested in.
The Form 5500 is the primary source of information about the operations, funding and investments of private-sector, employment-based pension and welfare benefit plans in the U.S. There are an estimated 2.3 million health plans, a similar number of other welfare plans and nearly 681,000 pension plans.
The proposals are scheduled to be published in the Federal Register on July 21. Comments are due by Oct. 4.
To contact the reporter on this story: Sean Forbes in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Jo-el J. Meyer at email@example.com
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)