Changes could reduce overall plan filing costs by $95M annually
WASHINGTON – The U.S. Department of Labor, the IRS and the Pension Benefit Guaranty Corporation today released Federal Register notices that announce changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form. These changes are estimated to reduce overall filing costs for employee benefit plans by $95 million annually.
The announcement marks the third and final phase of implementation of a Sept. 2021 regulatory proposal, which included changes related to provisions in the Setting Every Community Up for Retirement Enforcement Act, commonly known as the SECURE Act, which affected annual reporting requirements under the Employee Retirement Income Security Act and the Internal Revenue Code.
The first two phases of implementation included publication of Federal Register notices in Dec. 2021 for Phase I and May 2022 for Phase II, respectively, to adopt changes for the 2021 and 2022 Form 5500 Returns/Reports. Today’s Phase III announcement features a Notice of Final Forms Revisions from the department, IRS and PBGC for the 2023 plan year forms and instructions and a Notice of Final Rulemaking by the department that makes corresponding changes to annual reporting regulations under Title I of ERISA.
“The form changes and regulatory amendments, especially those on multiple-employer plan reporting, improve the Form 5500 as a critical oversight, public disclosure and policy...
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