The agencies said that the 5500 revisions are intended to:
- Modernize the financial statements and investment information reported.
- Update the reporting requirements for service provider fee and expense information.
- Require Form 5500 reporting by all group health plans covered by Title I of ERISA.
- Improve compliance and oversight under ERISA and the Internal Revenue Code through new compliance questions regarding plan operations, service provider relationships, and financial management.
In another recent guidance issued by the DOL, fees for certain employee benefit plan violations have been increased for inflation. The new penalty amounts apply to civil penalties assessed after August 1, 2016, if the violation occurred after November 2, 2015. Some of the most notable penalty increases are an increase from:
- $100 to $131 per day for failure to furnish a blackout notice or notice of the right to divest employer securities.
- $1,000 to $1,087 per failure to provide a summary of benefits and coverage.
- $1,100 to $2,063 per day for failure to file Form 5500.
- $1,000 to $1,632 per day for failure to notify participants of certain benefit restrictions and limits applicable to a defined benefit plan under Code Section 436.
- $110 to $147 per day for failure to provide documents upon DOL request.
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