Form 5500 Changes for 2022 Filings

January 24, 2023

The DOL and IRS issued final changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return/Report of Employee Benefit Plan and related instructions. Effective for plan years beginning on or after January 1, 2022, changes to the Forms of the 5500 and their respective instructions include:

  • Schedule MB: Additional information will be required for line 3 on an attachment, and revisions to instructions were made to clarify requirements (Lines 4f, 6e, 6f, 8b).
  • Schedule SB: Two additional reporting requirements for PBGC-insured single-employer plans with 500 or more total participants (Line 26 and Part IX).
  • Schedule R: Modifications to the requirement for multiple-employer plans to report identifying information about participating employers (Part V, line 13).
  • Multiple-Employer Plans (MEPs): Additions to plan characteristic codes for reporting on defined contribution MEPs and technical revisions to instructions.
  • Administrative Penalties: Increase to the maximum civil penalty assessable under ERISA section 502(c)(2).

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