DOL Releases Informational Copies of 2023 Form 5500s

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:

• 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.