Form 5500

News & Analysis as of

Employee Benefits Developments - August 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of August, 2016. ...more

Penalties Increased for Employee Benefit Plan Violations

Recently-enacted legislation has increased many penalty amounts for certain employee benefit plan violations. The new penalties – some of which are more than double previous amounts – were adjusted to catch up with inflation...more

DOL Increases Penalties on ERISA Plans – August 2, 2016

The Department of Labor (“DOL”) just increased civil monetary penalty amounts that may be assessed for violations of Title I of the Employee Retirement Income Security Act of 1974 (ERISA)....more

IRS Clarifies Instructions for Form 5500 Reporting of RMD Failures

Certain employee benefit plans, including qualified retirement plans, must file an annual return/report on Form 5500 with the Department of Labor, which is shared with the IRS. Each year discreet changes are typically made...more

Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors

On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern...more

Proposed Changes to Form 5500 Would Significantly Increase Reporting Obligations for Health and Welfare Plan Sponsors

Summary - On July 11, 2016, the Department of Labor (DOL) and Internal Revenue Service (IRS) announced a proposal to implement significant changes to the forms and regulations that govern annual employee benefit plan...more

Proposed Form 5500 Changes & the new Schedule J: Big Changes for Small Group Health Plans

The US Department of Labor (DOL) has proposed changes to the Form 5500 and schedules that will affect ERISA Title I group health plans of all sizes, but small group health plans should be especially aware of the changes....more

Waves of Guidance and Benefit Plan Developments Worth Watching

Notices on Second Round of Privacy and Security Audits are Out, Expat Plans, OON Surgery Center Billing Issues, and New Nondiscrimination Rules for Federal Contractors, New ERISA Civil Monetary Penalties, COBRA Notices and...more

DOL Rule Imposes Significant Increases in Penalties for Employee Benefit Plan Violations

On June 30, 2016, the U.S. Department of Labor (“DOL”) issued an interim final rule that significantly increases various penalties under the Employee Retirement Income Security Act of 1974 (“ERISA”). The interim rule is the...more

REMINDER – IRS Questions on Form 5500 Not Required to be Answered

Earlier this year, the IRS announced that it had failed to receive Office of Management and Budget approval and that, consequently, certain questions it had added to the Form 5500 series were not required to be answered by...more

Advisors Advantage - July 2016

How Retirement Plan Providers Can Deal With The Fiduciary Rule Change. Adapt to this change. At its prime, Blockbuster Video had 9,000 stores and was actually bought by Viacom in 1994 for $8.4 billion. Then some...more

MEPs primed for a comeback?

My mother would always tell me that fashion is cyclical and that what was popular once will fall out of disfavor and will become popular again. I was a child in the late 1970s and 35+ years later, ruffled dress shirts, velvet...more

Ninth Circuit Rules that Stock Rights Plan is Not Subject to ERISA

In a case of first impression in the Ninth Circuit, the Court held that the Booz Allen Hamilton, Inc. Stock Rights Plan (“SRP”) was not subject to ERISA because its primary purpose was not to provide deferred compensation or...more

Important Information for 2015 Form 5500 Reporting: Pension Benefit Plans and Funded Welfare Benefit Plans

As you may know, there have been several new items added to the 2015 Form 5500 series. Specifically, these are: - ..Preparer Information at the bottom of page 1 of Form 5500 and Form 5500-SF ..Schedule H, Lines...more

Employee Benefits: ERISA Spring Cleaning - Have You Properly Identified All of Your ERISA Benefits? (5/16)

Why Is It Important To Properly Identify All of Your ERISA Benefits? The Employee Retirement Income Security Act ("ERISA") imposes numerous requirements on covered employee benefit plans, including annual report...more

IRS: Don’t Answer All the 5500 Questions!

The 2015 Form 5500 added some new optional compliance questions for the 2015 Forms 5500 and 5500-SF. In December 2015, the IRS issued frequently asked questions on the new compliance questions and strongly encouraged plan...more

IRS Requests Comments on New Compliance Questions in Form 5500

The IRS added new compliance questions to the 2015 IRS Form 5500/5500-SF, which is the annual report filed by retirement plans with the Department of Labor and the IRS.  The Form 5500 instructions, however, specifically...more

Employee Benefits Developments - March 2016

Previously, many advisors had been concerned that the Internal Revenue Service (IRS) regulations on safe harbor plan designs covering 401(k) and 403(b) plans may have severely limited the abilities of plan sponsors to adopt...more

New Compliance Questions in IRS Form 5500 Warrant Screening Reviews of 401(K) Plans During 2016

The IRS recently added new questions to the 2015 Form 5500/5500-SF annual retirement plan returns. The Form 5500-Series returns are used by retirement plans to report the financial condition, investments, and operations of...more

Form 5500 Deadline Extension Repealed

On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (FAST Act). In addition to authorizing $305 billion in funding for federal highway projects, the FAST Act also repeals the recently...more

IRS Provides Guidance on New Form 5500 Compliance Questions

The Internal Revenue Service (IRS) has provided clarification regarding new “compliance questions,” principally for retirement plans, that appear on the 2015 Forms 5500 and 5500-SF. These questions should not be answered....more

IRS Changes Direction on New Compliance Questions on Form 5500

When the Internal Revenue Service (IRS) issued a revised Form 5500 in December 2015, there were several new compliance questions on Schedules H, I, and R relating to retirement plans. The questions required responses...more

Open MEPs will rise again

Multiple employer plans (MEPs) are a topic that many plan providers talk about, but don’t really know what is allowed and what’s not. A multiple employer plan is a plan where unrelated employers adopt a plan and it should be...more

The FAST Act – If You Blinked You May Have Missed It.

On December 3, 2015, the President signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”) which provides for five years of funding for highway projects. If you just skimmed the news on this one, you...more

IRS Introduces New Compliance Questions on Form 5500

The Internal Revenue Service (IRS) has revised the Form 5500-series returns for 2015 to include certain Internal Revenue Code compliance questions. A Form 5500 must generally be filed for qualified retirement plans as well...more

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