Retirement plans and certain health/welfare plans subject to the Employee Retirement Income Security Act (ERISA) must file an annual report disclosing information about the financial condition and operation of the plan. This annual report is completed on Form 5500 which is filed jointly with the Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Agency. Form 5500 is generally filed 7 months after the end of the plan year.
The agencies responsible for Form 5500 issued advanced copies of the revised Form. Modifications have been made to the form itself and to schedules that must be filed with the form. Important changes include:
All plans subject to ERISA should pay attention to the new 5500 and watch for final guidance.