Retirement Plans Newsletter

BULLETIN
December 2, 2020

BenefitsLink.com logo
EmployeeBenefitsJobs.com logo
Get Health & Welfare News   ·   Get Message Boards Digest   ·   Past Issues   ·   Search
 

Benefits in General

[Official Guidance]

Agencies Releases Advance Copies of Form 5500 Series Annual Return/Report for 2020 (PDF)

"The Form 5500 and Form 5500-SF instructions have been revised to reflect that the Form 5500-SF can no longer be used by a one-participant plan or a foreign plan in place of filing of the Form 5500-EZ with the IRS. Effective for plan years beginning after 2019, one-participant plans and foreign plans can file the Form 5500-EZ electronically using the EFAST2 filing system....

"Administrative Penalties: The instructions have been updated to reflect an increase to $2,233 per day in the maximum civil penalty amount assessable under [ERISA] section 502(c)(2) ...

"Schedule H Part III - Accountant's Opinion: To conform to the new Statement on Auditing Standards 136, 'Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA,' the instructions for the questions on line 3a regarding the accountant's opinion have been revised. Line 3b and its instructions have been updated to permit filers to indicate more accurately whether there have been any permissible limitations on the scope of the audit pursuant to the Department's regulations.

"Schedules H and I, Line 4l and Form 5500-SF, Line 10f: The instructions ... have been revised to increase the required minimum distribution age from 70½ to 72 ...

"Schedules H and I, Line 5c ... has been revised to make clear that if the plan was covered by PBGC at any time during the plan year, filers should check the 'Yes' box....

"Schedule R: Line 14 has been revised to provide multiemployer plans with a choice of three counting methods to count inactive participants and to require that an attachment be provided depending on the counting method chosen....

"Information copies of the forms, schedules and instructions are available on the EBSA website." Icon to read more

Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]; Internal Revenue Service [IRS]; and Pension Benefit Guaranty Corporation [PBGC]

BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146

Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

Article submission: Online form

BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.

Unsubscribe  |   Change Email Address  |   Privacy Policy