IRS and DOL Announce that Plan Sponsors Should Not Complete Optional Compliance Questions on the 2015 Form 5500
The IRS and DOL have announced that plan sponsors should not answer several new compliance questions on the 2015 Form 5500, Form 5500-SF, and Schedule H, I, and R, because the questions were not timely approved by the Office of Management and Budget (OMB). The IRS had previously encouraged plan sponsors to answer the questions for the 2015 plan year, even though the questions were optional. However, without OMB approval, the questions should no longer be completed. A list of the questions that plan sponsors are not required to complete can be found at https://www.irs.gov/Retirement-Plans/IRS-Compliance-Questions-on-the-2015-Form-5500-Series-Returns.