The US Department of Labor (DOL) has posted informational copies of the 2016 Form 5500 and Form 5500-SF annual return/report so that plan sponsors can review the changes and schedule submissions. The form samples cannot be used for filing, but plan sponsors should review the changes to prepare for the release of the new forms early next year. Among the changes are several sections that should now not be completed by plan sponsors and an increase in administrative penalties. More changes are expected in the coming years, such as an increase in the reporting obligations for health and welfare plans, but these updates are not expected to be effective until 2019.
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