Commentary: The Department of Labor and IRS have announced that a series of compliance-related questions proposed for retirement plan returns in the 5500 series will be optional for 2015 plan years.
The news was delivered on December 4, 2015, in a DOL news release and in a set of IRS frequently asked questions (FAQs). The compliance questions were first proposed in drafts of 5500-related forms, and seek information on various dimensions of retirement plan design and administration — including plan features, specifics of coverage and nondiscrimination testing, amending history, custodian, trustee and preparer identity, operations, etc.
