Form 5500 Proposal Reflects SECURE Act Changes and More

Summary

Proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan, and supporting Department of Labor (DOL) regulations would implement provisions in the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (Div. O of Pub. L. No. 116–94). These changes include enhanced reporting for multiple-employer plans (MEPs) starting with the 2021 plan year and a new group filing alternative starting in 2022 for certain single-employer individual account and defined contribution (DC) plans. Additional changes unrelated to the SECURE Act would more broadly affect retirement and welfare plans starting in 2022. While these changes are narrower in scope than those proposed in 2016 — but never finalized — plan sponsors, administrators and service providers should review the proposal and consider submitting comments by Nov. 1.