Compliance November 20, 2023

DOL Releases Informational Copies of 2023 Form 5500s

The disclosure forms have been updated for 2023 filings to be completed in 2024.

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The Department of Labor released informational copies of the Form 5500 series for 2023. The informational copies are intended to highlight changes from 2022 to 2023. Proper copies of Form 5500s will be made available on January 1, 2024. The Pension Benefit Guaranty Corporation and Internal Revenue Service also released sample copies with changes.

The informational copies identified several revisions, including:

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  • A new Schedule DCG for defined contribution group reporting arrangements;
  • A new Schedule MEP for multiple employer pension plans;
  • A revised small plan audit participant count method;
  • Improved Schedule H administrative expense transparency;
  • Changes to Schedule MB regarding asset reporting for plans receiving special financial assistance;
  • Answers to Schedule R tax compliance questions and revisions to asset allocation reporting; and
  • Clarifications for Schedule SB target normal cost reporting.

The changes were made to Forms 5500 and 5500-SF. No changes were announced to Form 5500-EZ.

The Forms 5500 and 5500-SF series are submitted to the DOL, IRS and PBGC for employee benefit plans to meet filing obligations under the Employee Retirement Income Security Act and the Internal Revenue Code. The filings are the “agencies’ main source of information and date” for the operations, funding and investments of about 864,000 pension and welfare plans, according to a DOL fact sheet.

The DOL recommended that those who use Form 5500 series reports check the DOL’s EFAST2 website to find out when the official electronic versions are available. They can be filed either using approved vendor software or the EFAST2 website.

 

Deals & People November 20, 2023

Morgan Stanley Promotes Jed Finn to Head of Wealth Management

Finn will assume his new role on January 1, 2024, as part of the division’s transition under Andy Saperstein.

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Jed Finn

Jed Finn is set to lead Morgan Stanley’s wealth management division, reporting to its recently named co-president, Andy Saperstein, who made the announcement in a memo to employees on Monday.

Finn, who joined Morgan Stanley in 2011, will be promoted in January 2024 from his current position of chief operating officer of wealth management.

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“His appointment is a natural progression in what has been an outstanding career and will leverage his knowledge of the full range of our wealth management businesses,” Saperstein wrote in the memo obtained by PLANADVISER. 

Finn will assume his role the same day as new duties begin for Ted Pick, promoted to CEO as part of a redesigned senior leadership team. In October, Morgan Stanley announced that Pick, currently co-president, would replace James Gorman as CEO of the global financial services firm, while Saperstein and Dan Simkowitz both take on additional responsibility.

Finn has been the head of Morgan Stanley’s corporate and institutional solutions group since 2019, according to the company. That division combines financial services with the businesses of administering stock, financial wellness and retirement plans for the employees of corporate clients.

Before joining Morgan Stanley, Finn was a partner in consulting firm McKinsey & Co., overseeing the expansion of the wealth unit’s workplace and corporate stock plan business. 

In conjunction with Pick’s appointment, Saperstein’s responsibilities were expanded to include both wealth and investment management. The two units manage a combined $6.2 trillion in assets, generating more than half of the company’s revenue year-to-date. Saperstein, Pick and Gorman had all previously worked at McKinsey.

In another organizational shift, Ben Huneke, an investment product executive, was promoted to co-head of investment management alongside Jacques Chappuis. Both will report directly to Saperstein.

Huneke, currently heading the investment solutions group in wealth management, will oversee the development, approval, marketing and distribution of all investment products within the wealth division.

Chappuis, who joined Morgan Stanley in 2006, serves as the global head of distribution and co-head of the solutions and multi-asset group within investment management. His expertise lies in distribution, alternatives and multi-asset class products.

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