Latest Form 5500 Updates Address DB Reporting But Defer Other Changes

Summary

A slim update to Form 5500, Annual Return/Report of Employee Benefit Plan, makes a handful of changes to reporting for defined benefit (DB) plans and defined contribution (DC) multiple-employer plans (MEPs). However, the update defers the bulk of last year's broader package of proposed revisions and amended supporting regulations. The final changes — including a new 50-year benefit projection for single-employer DB plans — are effective for 2022 plan-year reporting. The Department of Labor (DOL), IRS, and the Pension Benefit Guaranty Corp. (PBGC) are continuing to review the many comments on other aspects of last year's proposal for possible implementation in future years.