DOL Annual Information Return/Reports – Form 5500

The Securities Industry Association (SIA)* provides comments to the Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on a proposed revision of Annual Information Return/Reports (Form 5500), RIN-1210-AB06.  The proposed revision includes changes to Schedule C of the Form 5500, which would require service providers to an employee benefit plan to provide additional information regarding fees and related charges received by such service providers.  SIA cautions the DOL that the proposed revisions would require firms to make extensive and costly changes to their systems to collect and sort the information that is not currently collected.  SIA notes the costs association with the reporting requirements would be enormous and ultimately passed on to the consumer.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.