The U.S. Department of Labor, IRS and Pension Benefit Guaranty Corporation released copies of the 2020 Form 5500 Annual Return/Report and corresponding instructions.
The Form 5500 was established to satisfy benefit plan reporting and disclosure requirements under ERISA. The information reported through Form 5500 is used by the government to make sure employee benefit plans are operated and managed properly for plan participants and beneficiaries.
All pension benefit plans subject to ERISA must file an annual report using one of the Form 5500 versions. A welfare benefit plan subject to ERISA must file a Form 5500 unless it covered fewer than 100 participants as of the beginning of the plan year and is unfunded, fully insured, or a combination of insured and unfunded and is not subject to M-1 reporting requirements.
Changes were made to the 2020 Form 5500 versions to address:
- Electronic filing requirements
- The use of Form 5500-SF by a one-participant plan or a foreign plan
- Adjustments to the Accountant’s Opinion
- An increase to $2,233 per day in the maximum civil penalty amount
- Changes to increase the required minimum distribution age from 70 ½ to 72
- Revisions to the questions on if the plan is subject to the PBGC
- New questions for multiemployer plans.
A copy of the 2020 Form 5500 may be accessed by clicking here.
