Agencies Propose Extensive Form 5500 Amendments

The Department of Labor (“DOL”), Department of the Treasury (the “Treasury”), and Pension Benefit Guaranty Corporation (“PBGC”) (collectively, the “Agencies”) recently released a notice of proposed revisions to the Form 5500 Annual Return/Report of Employee Benefit Plan (“Form 5500”) filed for employee pension and welfare benefit plans under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the Internal Revenue Code (the “Code”). The package issued by the Agencies contains both a notice of proposed revisions to the Forms themselves as well as a notice of proposed regulatory changes to the applicable Form 5500 regulations.


The Proposed Rules are primarily intended to implement provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”). However, the agencies went much further, proposing changes affecting defined benefit plans, multiple employer plans (“MEPs”), pooled employer plans (“PEPs”), and multiple employer welfare arrangements (“MEWAs”). At the link below, we discuss many of the significant proposed changes to the Form 5500 addressed in the Proposed Rules. Comments are due to the Agencies on or before November 1st.


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