The Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corp. recently released informational copies of the 2023 Form 5500, Form 5500-SF, IRS Form 5500-EZ, IRS Form 5558 and their related instructions online.
The IRS will release paper copies of the 2023 Form 5500-EZ and its instructions separately and provide the form’s instructions on the agency’s website after Jan. 1, 2024. Plan sponsors must generally file the return on the last day of the seventh month after their plan year ends.
Federal regulations require pension and welfare benefit plans to file an annual return/report regarding their financial condition, investments and operations. Generally, plans file the necessary Form 5500 series return/report along with required schedules and attachments.
The Changes to Note section of the 2023 instructions for each of the forms highlights important modifications to the forms, schedules and instructions. The Form 5500 and Form 5500-SF Changes to Note sections include changes related to the following:
- 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.
The DOL expects these changes to cut overall filing costs for employee benefit plans by $95 million annually.
Informational copies cannot be used to file a 2023 Form 5500 Series Annual Return/Report.
Filers should monitor efast.dol.gov for information on when the official electronic versions are available and can be filed using software from EFAST2-approved vendors or directly through the EFAST2 website.
Beginning Jan. 1, 2024, Form 5558 can be electronically filed through EFAST2 or filed with the IRS using a paper Form 5558. A DCG reporting arrangement can file a single Form 5558 for plans participated in the DCG and is not required to attach a list of participating plans to the Form 5558.
Read a fact sheet with details on the 2023 changes.
SEE ALSO:
• DOL Announces Last Updates to Form 5500 for 2023
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.