The Department of Labor today announced that its Employee Benefits Security Administration joined the IRS and Pension Benefit Guaranty Corp. in releasing informational copies of the 2024 Form 5500, Form 5500-SF, IRS Form 5500-EZ, IRS Form 5558 and related instructions online.
The IRS will release paper copies of Form 5500-EZ and instructions for 2024 separately on its website after Jan. 1, 2025.
Federal regulations require that pension and welfare benefit plans 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.
Each form’s instructions include a Changes to Note section highlighting important updates to the forms, schedules and instructions for 2024, including the following changes in Form 5500 and Form 5500-SF:
- A new plan characteristics code, 2Y, for pension-linked savings accounts.
- An update to Schedule SB instructions for certain expected benefits payable in annuity form.
Plan administrators should not use informational copies to file a 2024 Form 5500 Series Annual Return/Report. Filers should monitor efast.dol.gov to learn when official electronic versions are available and able to be filed using software from EFAST2-approved vendors or directly through the EFAST2 website.
Beginning Jan. 1, 2025, Form 5558 can be electronically filed through EFAST2 or filed with the IRS using a paper Form 5558. A Defined Contribution Group reporting arrangement can file a single Form 5558 for plans participating in the DCG and is not required to attach a list of participating plans to the Form 5558.
For questions related to filing the Form 5500 series call the EFAST2 contact center at 866-463-3278 or email atsupport@efast.dol.gov.
Acting as a 401(k) plan’s annual report, Form 5500 is also a source of information and data for other Federal agencies, Congress, and the private sector to assess employee benefit, tax, and economic trends and policies. It reports information on the qualification of the plan, its financial condition, investments, and the operations of the plan.
SEE ALSO:
• 8 in 10 Plans Overpaying on 401(k) Fees, Finds Form 5500 Analysis
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.
