The U.S. Department of Labor, IRS and Pension Benefit Guaranty Corporation released changes to Form 5500 filings effective for plan years beginning on or after January 1, 2023. The changes are intended to reduce filing costs for plans.
The changes, which will generally be filed starting in July 2024 for calendar year plans, include
- A consolidated Form 5500 reporting option for certain groups of defined contribution retirement plans, improved reporting by pooled employer plans and other multiple employer plans.
- A change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to small plans with fewer than 100 participants.
- A breakout of reporting on administrative expenses paid by the plan on the plan’s financial statements.
- Changes in in financial and funding reporting by PBGC-covered defined benefit plans.
- Adding Revenue Code compliance questions to improve tax oversight and compliance of tax-qualified retirement plans.
- Technical and conforming changes as part of the annual rollover of forms and instructions.
A fact sheet describing the new changes may be accessed by clicking here.