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The IRS added new compliance questions to the 2015 IRS Form 5500 and 5500-SF (short form), which is the annual report filed by retirement plans with the Department of Labor and the IRS. The
Form 5500 instructions, however, specifically provided that plan sponsors should not complete these questions for the 2015 plan year filing.
In a March 31 notice, the IRS
invited comments on several of the new questions. In its request for comments, the IRS also proposed to modify some of the questions from their original form, or delete them entirely.
Specifically, the IRS asks for comments on the following proposed changes to the 2016 Form 5500:
The IRS requests that comments cover the following issues:
Although the IRS has made some changes to the compliance questions and requested comments on others, it is likely that the compliance questions will remain on the Form 5500 in substantially the same version as proposed. The questions are designed to enhance the IRS’s ability to monitor plans for compliance with the tax code’s qualification requirements. Because plan sponsors will eventually be required to answer these new questions, plan sponsors should take the opportunity now, with assistance from their advisers or legal counsel, to review their plan design and administration to ensure that their plans are in compliance.
Comments are due May 31, 2016.
Sean D. Brown, an associate in
Litter’s Philadelphia office, focuses his practice on assisting and advising employers on the complex federal laws governing various types of employee benefit arrangements, including defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, health and welfare benefit plans, and fringe benefits. © 2016 Littler Mendelson P.C. All rights reserved. Republished with permission.
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