Comment period extended on revising Form 5500 for employee benefit plans
Posted September 27, 2016
The U.S. Department of Labor (DOL) announced a two-month extension of the comment period on the Form 5500 Modernization Proposals. The comment period on the proposed forms revisions and regulatory amendments has been extended from the original October 4, 2016, deadline to December 5, 2016.
The DOL, Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBMC) published a Notice of Proposed Revision of Annual Information Return/Reports in the Federal Register on July 21, 2016. The department also published a separate, but related Notice of Proposed Rulemaking on the same day.
The forms revisions and regulatory amendments were proposed as part of a project to improve and modernize Form 5500 annual return/reports filed by employee benefit plans. The forms revisions and regulatory amendments generally are being coordinated with a recompete of the contract for the Employee Retirement Income Security Act (ERISA) Filing Acceptance System II — the wholly electronic system, commonly known as EFAST2, that is operated by a private-sector contractor for the processing of Form 5500/5500-SF return/reports.
A range of stakeholder groups asked for an extension of time to submit comments given the scope and significance of the proposed forms revisions and regulatory amendments.
The Notice of Proposed Forms Revision and the Notice of Proposed Rulemaking is available at the Employee Benefits Security Administration’s website.
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