On December 8, 2022, the DOL released informational copies of the 2022 Form 5500 Series Annual Return/Report. While the forms have not been finalized, they provide insight into the changes for plan year 2022.
Specifically, the informational copies of Form 5500 and its instructions reveal several changes to specific retirement filings. The Changes to Note section of the instructions mentions the following changes:
- New characteristics codes have been added to Form 5500, and technical changes have been made to the instructions for multiple-employer plans.
- Instructions now include the increased maximum civil penalties that can be imposed for failure to file.
- Schedule MB instructions have been revised to require an attachment and clarify and revise certain lines.
- Schedule R has been revised to require information to be reported on the plan's highest contributors.
- Schedule SB has been updated to add a new line that requires an attachment of a projection of expected benefit payments.
The announcement also mentions that the DOL is modernizing the EFAST2 system by updating its website authentication process. Beginning January 1, 2023, new filers will have to use the unified login.gov single sign-on solution for US government websites. Existing filers will be able to use their existing login through August of 2023 but will have to use the new login.gov system beginning in September 2023.
Plan sponsors and administrators that are required to file Form 5500 should be aware of these changes.
Announcement »
Informational Form 5500 »
Informational Form 5500 Instructions »