Retirement Spotlight – DOL/IRS to make reporting of compliance information on 5500-series forms optional for 2015

DOL/IRS will make reporting of compliance information on 5500-series forms optional for 2015

The Department of Labor and the IRS have announced that certain plan compliance and trustee/custodian information proposed to be required on 2015 plan year Forms 5500 will instead be optional for 2015 plan years. Form 5500-SUP, issued for the first time in draft form in March of 2015, has not yet been officially released by the federal Office of Management and Budget (OMB). It is not clear whether it will be released for 2015 reporting, but if so – in those limited circumstances where it would be used – the compliance questions it contains would similarly be optional.

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