In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
The IRS has addressed Form 5500 filing for plan sponsors that take advantage of the extended deadline for plan adoption provided by the SECURE Act.
The agency has also highlighted important modifications to the form.
It integrates Form 5500 data with a customer relationship management system.
There are two proposed changes and the IRS also wants comments about the obligation of filing.
The associated instructions have also been updated to reflect, among other changes, an increase to $2,194 per day in the maximum civil penalty amount assessable under ERISA Section 502(c)(2).
In a new Field Assistance Bulletin, the DOL addresses a set of common errors made by multiple employer plans as they attempt to comply with a reporting rule introduced in 2014.
The “Changes to Note” section of the 2018 instructions highlights important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.
The new forms include important modifications.