Proposed Revisions to the Form 5500

Published on:
December 5, 2016

SIFMA provided comments to the U.S. Department of Labor (DOL) regarding the proposed revisions to the Form 5500. In the letter, SIFMA raises concerns that the DOL did not allow adequate time for such extensive revisions and request that the DOL re-propose for additional review and comment. SIFMA is also concerned that the proposed revisions to the Schedule C would have the unintended consequence of significantly expanding and complicating the data that service providers are currently required to provide. We also express concerns that the proposed revisions to the Schedule H related to participant-directed brokerage accounts would significantly increase costs for plan sponsors. Finally, SIFMA recommends that clarifying changes be made to certain definitions.

See also:

US LABOR DEPARTMENT RELEASES PROPOSAL TO IMPROVE, MODERNIZE FORM 5500 ANNUAL RETURN/REPORT FILED BY EMPLOYEE BENEFIT PLANS

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