The Department of Labor (DOL), together with the IRS and PBGC, have released advanced informational versions of the 2016 Form 5500 series. As a reminder, plan administrators of welfare benefit and pension plans subject to ERISA, with certain exceptions, must file an annual return/report to the DOL on the Form 5500. The Form 5500s and appropriate schedules are to be completed and filed electronically via DOL's EFAST2 website (http://www.efast.dol.gov).
The 2016 information-only 5500 forms, schedules and instructions are available for viewing on the DOL’s website. The 2016 Form is substantially the same as the 2015 version, with one notably change. As mentioned in our prior Benefit Beat article, Increased Penalties for Reporting and Disclosure Violations (7/7/16), the instructions have been updated to reflect the increase in the maximum civil penalty amount to $2,063 per day for a plan administrator who fails or refuses to file a complete or accurate Form 5500 report.
The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.
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