The DOL, IRS, and PBGC have released the 2022 Form 5500 series, including Form 5500-SF, Schedules, and Instructions. The substantive revisions for 2022 reflect Code and ERISA amendments made by the SECURE Act and were described in a previous agency action (see our Checkpoint article). The changes relevant to 401(k) plan reporting are: clarifications to the definitions of “plan sponsor” and “plan administrator” to reflect the roles of pooled employer plan (PEP) providers and professional employer organizations (PEOs); new plan characteristics codes for different types of multiple employer plans (MEPs); revisions regarding Form 5500-SF filing eligibility; and a caution that information on Form 5500 must match that on Form PR (Registration for Pooled Plan Provider), filed by PEPs with the DOL.
The instructions have also been updated for the current maximum DOL administrative penalty for Form 5500 filing failures ($2,400 per day; see our Checkpoint article), with a reminder to check for annual increases. Other changes are non-substantive or relate to defined benefit plan filings. There are no substantive changes for welfare plan filings.
EBIA Comment: Given the prior release of the SECURE Act changes for 2022 filings, Form 5500 filers should not find any surprises here. Additional changes proposed by the agencies in September 2021 (see our Checkpoint article) are anticipated for future years, including a new Schedule MEP for multiple employer plans and changes to reporting for multiple employer welfare arrangements (MEWAs). As a reminder, these are advance information copies that cannot be used for filing—Forms 5500 and 5500-SF must be filed electronically using the DOL’s EFAST2 filing system. The related news release notes that the 2022 Form 5500-EZ (filed by one-participant retirement plans and foreign retirement plans) will be separately released on the IRS website. For more information, see EBIA’s 401(k) Plans manual at Section XXXI (“Plan Administration: Annual Form 5500 Reports and SARs”) and EBIA’s ERISA Compliance manual at Section XXII (“Annual Form 5500 Reporting to the DOL”). See also EBIA’s Cafeteria Plans manual at Section XXXIV (“Form 5500 and Other Reporting Requirements”) and EBIA’s Self-Insured Health Plans manual at Section XXIX.B (“Annual Form 5500 Reporting”).
Contributing Editors: EBIA Staff.