Comment Period Extended for Form 5500 Proposals
The U.S. Department of Labor has announced a two-month extension of the comment period on the Form 5500 Modernization Proposals.
The Labor Department, the IRS, and the Pension Benefit Guaranty Corporation published a Notice of Proposed Revision of Annual Information Return/Reports in the Federal Register on July 21, 2016. The DOL also published a separate, but related Notice of Proposed Rulemaking on the same day.
The forms revisions and regulatory amendments were proposed as part of a project to improve and modernize Form 5500 annual return/reports filed by employee benefit plans.
New Deadline: Dec. 5, 2016
A range of stakeholder groups asked for an extension of time to submit comments given the scope and significance of the proposed forms revisions and regulatory amendments.
The DOL, IRS, and PBGC decided to extend the public comment period on the proposed forms revisions and regulatory amendments from the original Oct. 4, 2016, deadline to the new Dec. 5, 2016, deadline.
This step is intended to facilitate robust and thoughtful public input on the proposals while respecting the need to keep the rulemaking aspects of the project moving forward and on pace with procurement and system development objectives to recompete the contract acquisition plan.
Notice of this extension appears in the Federal Register.
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