Informational copies of 2023 Form 5500 series annual returns released

The Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corp. have announced the release of informational copies of the 2023 Form 5500, Form 5500-SF, Form 5500-EZ, Form 5558 and their related instructions. Forms 5500 and 5500-SF were updated to reflect changes provided in final regulations issued on February 23, 2023.

The most significant changes to Form 5500 and Form 5500-SF include the following:

• A new Schedule DCG for defined contribution group reporting arrangements
• A new Schedule MEP for multiple-employer pension plans
• A revised participant count method for defined contribution plans, for purposes of the small plan audit exemption
• Improved Schedule H administrative expense transparency
• Changes to Schedule MB regarding asset reporting for plans receiving special financial assistance
• An addition of Schedule R tax compliance questions relating to nondiscrimination testing and revisions to asset allocation reporting
• Schedule SB target normal cost reporting clarifications

The informational copies are only intended to illustrate how the updated forms will look and the information that will be required. They may not be used to file the actual return.

The date that the official electronic forms and instructions will be available has not yet been announced; however, filers should expect that most software providers will have the forms available for e-filing in the coming weeks. An announcement regarding the availability of the official versions of the forms will be made on EFast.

Authors

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Gary Chase

Director, Retirement and Executive Compensation

email Email phone +1 212 309 3802

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Janet Rabinowitz

Director, Preparation and Consulting Support (PACS) Leader

email Email phone +1 973 290 2566

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Maria Sarli

U.S. Retirement Resource Actuary

email Email phone +1 404 365 1708

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