The suit alleges Ventura did not monitor high fees and underperformance of the funds in its investment menu.
The document changes were the same for administrative penalties, but also contained differences.
Assuming there is no malfeasance or criminal activity going on, the process of a DOL or IRS audit does not have to be unpleasant, even if minor issues are discovered.
In addition to the Form 5500 informational copies, the IRS has also released the 2021 Form 5500-EZ and related instructions.
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.