Modifications to Form 5500 to support recent Department of Labor (“DOL”) reporting guidelines are now in effect. Changes have been made to the Form as it relates to the following
- The methodology for counting participants when determining whether a plan is a large plan (generally with 100 or more participants), the form to file (“5500” or “5500-SF”) and whether an audit report is required. This modification includes determining the plan size based on the number of participants with account balances at the beginning of the plan year unless the plan is a first-year plan. For plans in their first year, plan size is based on the number of participants with account balances at the end of the plan year.
- For large plan filers only, additional, detailed, categories are being added under the “administrative expenses” section on the Schedule H in an effort to improve fee and expense transparency. This information will be publicly available.
- Three Internal Revenue Service (“IRS”) tax compliance questions have been added to Form 5500-SF and 5500 Large Plan Schedule R.
- One additional IRS tax compliance question has been added to Form 5500-EZ.
Be on the lookout for upcoming emails related to the publishing of your plan’s 5500. For any questions, please call us at 800.752.6313 or email contactus@abaretirement.com. Be sure to include your six-digit Program plan number at that time.
