The IRS, the Department of Labor (DOL) and the Pension Benefit Guaranty Corporation (PGBC) published proposed updates to the Form 5500 annual return in the Federal Register on July 21, 2016, that could have a significant effect on plan reporting. Plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) must file annual returns, the Form 5500 or for small filers, the Form 5500-SF along with required attachments and schedules. The IRS, the DOL and the PGBC use the information reported to enforce compliance with ERISA, but the data also provide plan participants insight into the way their retirement plan operates.