Washington, D.C. counsel Brad Campbell was quoted in a Pensions & Investments article titled, “Big players pan modifications to DOL's Form 5500.”
The proposed revision of the Form 5500 annual report triggered substantial criticism from the service providers and plan sponsors during the extended comment period. Critics argued that that joint proposal from the Department of Labor, IRS, and Pension Benefit Guaranty Corporation imposes unnecessary burdens on plan sponsors, gathers health care information outside the scope of the Agencies’ authority, and will perpetuate confusion about plan fees and expenses. Brad noted that while a rule revising the Form 5500 likely will eventually be adopted, it likely will look significantly different than the current proposal, especially given the change in Presidential Administrations.
“I think they overreached in several aspects,” Brad said. “This would be a huge burden on health plans, because most health plans have not filed a Form 5500 at all.”