Proposed changes to IRS Form 5500 reporting would be costly for employers and may not provide much additional value to the federal agencies that govern employee benefits plans, the Society for Human Resource Management (SHRM) wrote in comments to the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration.
Under the Employee Retirement Income Security Act and the Internal Revenue Code, many employers must file annual reports about their employee benefits plans’ operations and financial condition.
