The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corp. are proposing revisions to Form 5500 filings that would include updated requirements for how service provider fees to 401(k) and defined benefit plans are reported.
"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 Borzi, Assistant Secretary of Labor for the Employee Benefits Security Administration, in a statement.
The proposed revisions would expand the data currently collected on 681,000 pension plans. Updating how service provider fees are reported on Schedule C of Form 5500 would harmonize with DOL's requirements on how providers report fees to plan fiduciaries, according to the agency.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
