The U.S. Department of Labor’s Employee Benefits Security Administration, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation released advance informational copies of the 2018 Form 5500 Annual Return/Report of Employee Benefit Plan and related schedules and instructions.  The instructions contain a “Changes to Note” section, setting forth important modifications.  The DOL News Release highlights these modifications, including an increase to $2,140 per day in the maximum civil penalty amount assessable under ERISA.

Form 5500 should be filed by an employer who maintains the employee benefit plan or the plan administrator of a Pension or Welfare benefit plan covered by ERISA to report information concerning the qualification of the plan, its financial condition, investments and the operations of the plan.  Form 5500-SF is the Short Form Annual Return/Report of Small Employee Benefit Plan for plans with fewer than 100 participants.

Form 5500 is due the last day of the seventh month after the plan year ends, which is July 31 for a calendar-year plan.  It must be filed electronically using EFAST2-approved third-party software or using IFILE.

Notably, the advance copies of the forms and instructions cannot be used for filing.  The DOL instructs filers to monitor the EFAST website for the availability of the official electronic version.

For more information on Form 5500, visit the informational pages on the IRS or DOL websites.