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The Form 5500 Update The DOL Modernization Program David Schultz, J.D., Product Manager/Attorney April 12, 2017IRS Compliance Questions (2015 and 2016)Inside baseball Congress gave DOL authority to
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What is the form 5500 update?
The Form 5500 update is an annual report that must be filed by employee benefit plans to provide information about the plan's financial condition and operations.
Who is required to file the form 5500 update?
Employee benefit plans subject to the Employee Retirement Income Security Act (ERISA) are required to file the Form 5500 update.
How to fill out the form 5500 update?
The form can be filled out electronically using the Department of Labor's EFAST2 system or through a third-party vendor.
What is the purpose of the form 5500 update?
The purpose of the Form 5500 update is to provide information to the Department of Labor, the IRS, and the Pension Benefit Guaranty Corporation about the financial condition and operation of employee benefit plans.
What information must be reported on the form 5500 update?
The Form 5500 update requires information about the plan's assets, liabilities, income, expenses, contributions, distributions, and participant demographics.
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