Possible Changes Coming to Form 5500
One of the biggest proposed changes is removing the exemption for small benefit plans. Currently, most health and welfare plans with fewer than 100 covered participants as of the first of the year are not required to file a Form 5500. The proposed rule change would require that all plan sponsors file regardless of the plan size. Those plans that claim grandfathered status and retiree-only plans are also subject to the filing.