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The Latest Changes to Form 5500
Filing Obligations for Healthcare Plans: Pension and welfare plans covering 100 or more participants must file the Form 5500 annually.
HR professionals, it’s time to stay informed! The U.S. Department of Labor, IRS, and Pension Benefit Guaranty Corporation have recently released the 2023 Form 5500 Annual Return, bringing notable changes and instructions for pension benefit plans and welfare plans.
Filing Obligations for Healthcare Plans:
Pension and welfare plans covering 100 or more participants must file the Form 5500 annually. This filing serves as a comprehensive disclosure of financial conditions, investments, and operational details. As HR professionals, understanding these requirements is important for compliance.
Electronic Filing Deadline:
Mark your calendars! Form 5500 must be electronically filed by the last day of the 7th month following the end of the plan year. Staying on top of this deadline ensures compliance with regulatory obligations.
Key Changes for Healthcare Plans:
Changes to the 2023 forms identify include:
- A new Schedule DCG for defined contribution group reporting arrangements.
- A new Schedule MEP for multiple-employer pension plans.
- Revised small plan audit participant count method.
- Improved Schedule H administrative expense transparency.
- Schedule MB regarding asset reporting for plans receiving special financial assistance.
- Schedule R tax compliance questions and revisions to asset allocation reporting.
- Schedule SB target normal cost reporting clarifications.
Access the Form 5500 Series:
Stay proactive and informed—navigate the evolving landscape of Form 5500 with confidence. Your compliance ensures the seamless functioning of healthcare plans and upholds regulatory standards. For access to the Form 5500 series and associated instructions, click here.
Benefit Allocation Systems (BAS) provides online solutions for: Employee Benefits Enrollment; COBRA; Flexible Spending Accounts (FSAs); Health Reimbursement Accounts (HRAs); Leave of Absence Premium Billing (LOA); Affordable Care Act Record Keeping, Compliance & IRS Reporting (ACA); Group Insurance Premium Billing; Property & Casualty Premium Billing; and Payroll Integration.
MyEnroll360 integrates with major insurance carriers for enrollment eligibility management (e.g., Blue Cross, Blue Shield, Aetna, United Health Care, Kaiser, CIGNA and others), and with leading payroll platforms for enrollment deduction management (e.g., Workday, ADP, Paylocity, PayCor, UKG, and others).
This article is for informational purposes only and is not intended as legal, tax, or benefits advice. Readers should not rely on this information for taking (or not taking) any action relating to employment, compliance, or benefits. Always consult with a qualified professional before making decisions based on this content.
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