HR professionals, it's time to stay informed! The U.S. Department of Labor, IRS, and Pension Benefit Guaranty Corporation have recently released the 2023 Form 5500 Annual Return, bringing notable changes and instructions for pension benefit plans and welfare plans.
Filing Obligations for Healthcare Plans:
Pension and welfare plans covering 100 or more participants must file the Form 5500 annually. This filing serves as a comprehensive disclosure of financial conditions, investments, and operational details. As HR professionals, understanding these requirements is important for compliance.
Electronic Filing Deadline:
Mark your calendars! Form 5500 must be electronically filed by the last day of the 7th month following the end of the plan year. Staying on top of this deadline ensures compliance with regulatory obligations.
Key Changes for Healthcare Plans:
Changes to the 2023 forms identify include:
- A new Schedule DCG for defined contribution group reporting arrangements.
- A new Schedule MEP for multiple-employer pension plans.
- Revised small plan audit participant count method.
- Improved Schedule H administrative expense transparency.
- Schedule MB regarding asset reporting for plans receiving special financial assistance.
- Schedule R tax compliance questions and revisions to asset allocation reporting.
- Schedule SB target normal cost reporting clarifications.
Access the Form 5500 Series:
Stay proactive and informed—navigate the evolving landscape of Form 5500 with confidence. Your compliance ensures the seamless functioning of healthcare plans and upholds regulatory standards. For access to the Form 5500 series and associated instructions, click here.
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