The U.S. Department of Labor is proposing changes to Form 5500 and asking for public comment, the Employee Benefits Security Administration announced Monday.
The new annual report forms for employee benefit plans would start in plan year 2019. The proposed changes will be published July 21 in the Federal Register, followed by a 75-day comment period coordinated by the EBSA, IRS and Pension Benefit Guaranty Corp.
The proposed revisions are aimed at modernizing financial statements to get more information on investments, service provider fees and expenses, and to make information more accessible and usable.
“The 5500 is in serious need of updates to continue to keep pace with changing conditions in the employee benefit plan and financial market sectors,” said Phyllis C. Borzi, assistant secretary of Labor for the Employee Benefits Security Administration, in a statement.