The following topics were covered in depth at recent conferences and at the Firm’s internal training:
The 2015 Form 5500 changes consisted of IRS compliance questions, which the IRS decided to make option
al for the 2015 plan year, and advised plan sponsors to skip these questions when completing the 2015 Form.
A revised Form 5500 is expected to be released in 2016, but will likely not be effective until 2020 plan years. Key changes to look for include new reporting for health plans, new compliance questions, new line items on Schedule H, and changes to Schedule C reporting.
Accounting standards have been updated to simplify employee benefit plan reporting, mainly with respect to plan investment disclosures and fully benefit-responsive investment contracts. Another update will affect disclosures for investments in certain entities that calculate net asset value (NAV).
As always, we will release further information as it develops. Please reach out to your Legacy representative if you have any questions or require more information.
By Eileen E. Brassil, CPA, CFE, Partner, ebrassil@legacycpas.com