THE US LABOR DEPARTMENT RELEASES PROPOSAL TO IMPROVE, MODERNIZE FORM 5500 ANNUAL RETURN/REPORT FILED BY EMPLOYEE BENEFIT PLANS
WASHINGTON – The U.S. Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation are seeking public comments on proposed revisions to modernize and improve the Form 5500 Annual Return/Report filed by private-sector employee benefit plans. Today, EBSA also published a related notice of proposed changes to its annual reporting regulations under Title I of the Employee Retirement Income Security Act.
The Form 5500 is the primary source of information about the operations, funding and investments of private-sector, employment-based pension and welfare benefit plans in the U.S. There are an estimated 2.3 million health plans, a similar number of other welfare plans and nearly 681,000 pension plans. Covering roughly 143 million private-sector workers, retirees and dependents, these plans have an estimated $8.7 trillion in assets.