Revised Form 5500

Retirement plans and certain health/welfare plans subject to the Employee Retirement Income Security Act (ERISA) must file an annual report disclosing information about the financial condition and operation of the plan. This annual report is completed on Form 5500 which is filed jointly with the Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Agency.  Form 5500 is generally filed 7 months after the end of the plan year. 

The agencies responsible for Form 5500 issued advanced copies of the revised Form. Modifications have been made to the form itself and to schedules that must be filed with the form.  Important changes include: 

  • Preparer information should not be answered on certain parts of the forms.
  • The instructions reflect an increase in the maximum civil penalty amount for failing to file a complete or accurate Form 5500.
  • For a plan that is subject to the PBGC, the PBGC premium must be provided.
  • New guidance on the Cooperative and Small Employer Charity Pension Flexibility Act is included on Schedule SB. 

All plans subject to ERISA should pay attention to the new 5500 and watch for final guidance.

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