Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual Return/Report of Employee Benefit Plan and the 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan.

These Phase III revisions implement certain elements of a September 2021 regulatory proposal, which included proposed changes to annual reporting requirements under the Employee Retirement Income Security Act of 1974 (ERISA). Some of the changes relate to the Setting Every Community Up for Retirement Enforcement Act (SECURE Act), including items affecting multiple-employer plans (MEPs) and defined contribution group reporting arrangements. As such, the changes mostly impact retirement plans. Phase III revisions are effective for plan years beginning January 1, 2023, with filing beginning in July 2024. The previous Phases I and II adopted changes for plan years 2021 and 2022, respectively.