The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation have issued two significant proposed rules that would substantially change Form 5500 reporting requirements for most employers. These proposals are intended to:
- Expand and modernize financial reporting
- Eliminate “obsolete” exemptions
- Incorporate new reporting requirements for group health plans and health insurance issuers of all sizes
- Modernize the data collection and usability
- Improve reporting of service provider fees and expense information.
If finalized, these rules would go into effect in January 2019.