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DOL Finalizes Revised Form 5500 - Prudential

DOL Finalizes Revised Form 5500 - Prudential-2025

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The document provides important updates regarding the revised Form 5500, which sponsors of qualified defined contribution plans and some 403(b) programs must file starting from the 1999 plan year. It outlines significant changes aimed at simplifying the reporting process, including a shift to basic plan information with detailed data reported on new schedules. The document also discusses the Direct Filing Entity (DFE) option for pooled investment accounts, impacts on small plans, and introduces the ERISA Filing Acceptance System (EFAST) for processing submissions. Additionally, it highlights new and revised schedules required for compliance.

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Can Form 5500 be extended?

ANSWER: An extension for filing Form 5500 (Annual Return/Report of Employee Benefit Plan) is obtained by filing Form 5558 (Application for Extension of Time to File Certain Employee Plan Returns) on or before the regular Form 5500 due date, which is seven months after the end of the plan year.

What are the requirements for Schedule H on form 5500?

Schedule H (Form 5500) must be attached to a Form 5500 filed for a pension benefit plan or a welfare benefit plan that covered 100 or more participants as of the beginning of the plan year and a Form 5500 filed for an MTIA, CCT, PSA, 103-12 IE, or GIA.

What happens if 5500 is not filed?

A plan administrator that fails to file an ERISA plan Form 5500, or if the form is late or incomplete, is subject to Department of Labor (DOL) penalties of up to $2,586 per day per each plan form 5500. Note: A willful violation may result in a criminal penalty of $100,000 or imprisonment for 10 years or both.

Is the 5500 filing deadline for 2023 with an extension?

Employers with employee benefit plans that operate on a calendar year basis must file their annual reports (Forms 5500) for 2022 with the Department of Labor (DOL) by July 31, 2023. An employer may extend this deadline by two and one-half months (until Oct. 16, 2023) by filing IRS Form 5558 by July 31, 2023.

What are the changes in Form 5500 2023?

The 2023 Form 5500 includes a new schedule, appropriately named Schedule MEP, which will consolidate and regulate information related to multiple employer plans. The 2023 Form 5500 will also include a new schedule for defined contribution groups, Schedule DCG, with the goal of simplifying the filing requirements.

What are the 5500 changes for 2023?

Most notably, this package of Form 5500 changes includes reporting rules related to defined contribution groups of plans or DCGs, changes to Schedules MB, SB and R for defined benefit plans, the addition of IRS compliance questions, and a change to the counting method for determining whether a defined contribution

What are the penalties for not filing a 5500?

The IRS penalty for late filing of a 5500-series return is $25 per day, up to a maximum of $15,000.

DOL Finalizes Revised Form 5500 - Prudential-2025

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