On July 21, 2016, a proposed rule was published seeking to change the Form 5500 annual return/report that is filed by employee benefit plans.

In general, the changes are expected to apply for plan years beginning on or after Jan. 1, 2019.

Significantly, the proposed rule would eliminate the current filing exemption for small group health plans and require all ERISA-covered plans to file a Form 5500, including a new Schedule J.

In addition to these changes, the proposed changes would expand the Form 5500’s financial and compliance reporting, analytics capability and service provider information.

The proposed revisions, if finalized, would generally apply for plan years beginning on or after Jan. 1, 2019. According to the Departments, some form changes may be made earlier or later, depending on the public comments and developments in the EFAST2 system process.

Reference the below compliance bulletin and contact your NEEBCo representative with any questions you may have.

Significant Changes Proposed to Form 5500