The Department of Labor’s Employee Benefits Security Administration (EBSA), the IRS, and the Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released informational copies of the 2023 Form 5500 Series. They have been released online.
These versions of the Form 5500, Form 5500-SF, and Form 5500-EZ to be used for reporting concerning the 2023 plan year, as well as the Form 5558, are informational only—they are not to be used for actual reporting and filing.
Key Changes
The key revisions made to the Form 5500 Series—which include those related to the SECURE Act—include the following:
- A consolidated Form 5500 reporting option for defined contribution group (DCG) reporting arrangements.
- Changes to reporting by multiple-employer plans (MEPs), including pooled employer plans (PEPs).
- Changes to the way participants are counted for purposes of determining eligibility for simplified reporting alternatives available to small plans.
- A breakout of reporting of administrative expenses paid by the plan on its financial statements.
- Improvements to financial and funding reporting by defined benefit plans covered by the PBGC.
- The addition of Internal Revenue Code compliance questions in order to improve tax oversight, as well as compliance by retirement plans.
- Changes related to the annual rollover of forms and instructions.
Filing Form 5558
Beginning Jan. 1, 2024, Form 5558 can be filed in two ways:
- electronically filed through EFAST2; or
- on paper 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.
The DOL had updated its website earlier in November to indicate that the Form 5558 can be filed either electronically or on paper beginning Jan. 1, 2024.
Forms for Filing
The 2023 Form 5500 Series and instructions are scheduled to be released for filing as part of the EFAST2 electronic filing system on Jan. 1, 2024. The IRS also will release paper copies of the 2023 Form 5500-EZ and its instructions on paper separately, and will provide the instructions on its website after Jan. 1, 2024.
Uses of the Form 5500 Series
The DOL, IRS, and PBGC use the Form 5500 Series to obtain information and data about the operations, funding, and investments of the pension and welfare benefit plans that use the forms to report.
Other federal agencies, Congress, and the private sector also use information reported on the forms in assessing employee benefit, tax, and economic trends and policies. Employers, plan participants, beneficiaries, and the public also use data from the forms to monitor plan operations.
A fact sheet on the Form 5500 is available here.
Pay Attention
The DOL suggests that those who use the Form 5500 Series monitor the DOL’s EFAST site for information regarding when the official electronic versions are available and can be filed (1) by using software from EFAST2-approved vendors or (2) through the EFAST2 website.
The EFAST site is available here: https://www.efast.dol.gov/welcome.html
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