The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corp. proposed revisions to Form 5500 this week in an effort to increase enhance data mine-ability, modernize financial reporting and provide more information about group health plans.
The proposed revisions would update how service provider fees and benefit plans are reported. Small-group plans would have to begin submitting Form 5500s and even self-funded plans would also have to disclose information that they currently do not.
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