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DOL Proposes Rules to Revise the Form 5500 Annual Return/Report Filed By Employee Benefit Plans

On July 21, 2016, the Department of Labor (DOL) issued proposed rules to update the Form 5500 Annual Return/Report. The Form 5500 Annual Return/Report is the primary source of information about the operation, funding, assets, and investments of employee benefit plans.  DOL intends that the proposed rule would modernize the Form 5500 Annual Return/Report to obtain more information on investments, service provider fees and expenses, and to make information more accessible and usable.  The proposed changes to the form include an expanded compliance reporting section with new questions about plan operations and management and service provider relationships, and updated questions about benefit plan investments and financial transactions.  Additionally, the proposed rules would update the requirements for certifications for limited scope audits that would make the certifications more detailed and informative, and enhance DOL’s ability to review limited scope audits.

Link to proposed rule:

Comments are due October 4, 2016.

Advocacy contact: Dillon Taylor(link sends e-mail) at 202.401.9787.

Tuesday, July 26, 2016