US Department of Labor releases informational copies of 2023 Form 5500 Series Annual Return, Report

The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) have published informational copies of the 2023
– Form 5500 Annual Return/Report,
– Form 5500-SF Annual Return/Report for small pension plans,
– Form 5500-EZ Annual Return of a one-participant retirement plan or a foreign pension plan,
– Form 5558 for an application for an extension of the filing deadline for certain employee plan returns, and
all relevant schedules and instructions, which may be found on the EBSA website at https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/reporting-and-filing/form-5500. The copies are for informational purposes only and may not be used for final filing. They have been published because there are several changes compared to the 2022 form and to allow firms to get familiar with those changes. These changes concern the following – as quoted:
– A new Schedule DCG for defined contribution group reporting arrangements.
– A new Schedule MEP for multiple-employer pension plans.
– Revised small plan audit participant count method.
– Improved Schedule H administrative expense transparency.
– Schedule MB regarding asset reporting for plans receiving special financial assistance.
– Schedule R tax compliance questions and revisions to asset allocation reporting.
– Schedule SB target normal cost reporting clarifications.
Further information on the changes, on the filing of the noted forms in general, or on the electronic submission of the required documents may be found on the EBSA website as well as in the enclosed Fact Sheet.
The EBSA is also is also informing that paper copies of the 2023 Form 5500-EZ and its instructions will be issued separately by the IRS. The instructions for the form will be made available on the agency’s website after January 1, 2024.
Also, starting January 1, 2024, Form 5558 can be either submitted to the IRS in paper form or via EFAST2, the electronic filing system of the agencies. A DCG reporting arrangement has the convenience of filing a unified Form 5558 for all plans involved in the DCG, eliminating the necessity to include a list of participating plans with Form 5558.