Form 5500 Revision Proposal at OMB

By ASPPA Net Staff • March 02, 2016 • 0 Comments
The Office of Management and Budget (OMB) on March 1 received a proposal from the Department of Labor (DOL) to revise the Form 5500. The proposal is part of a long-term strategic effort the DOL is undertaking with the IRS and the Pension Benefit Guaranty Corporation (PBGC) to modernize and improve the Form 5500.

That project is intended to modernize the financial and other annual reporting requirements on the Form 5500 and make the investment and other information on the form more data-mineable. It also is focused on enhancing the agencies’ ability to collect employee benefit plan data that best meets the needs of changing compliance projects, programs and activities.

OMB review of the proposal currently is pending.