Changes to 5500 reflect PEP requirements

The Department of Labor’s Employee Benefits Security Administration (EBSA) released their final revisions to the Form 5500 and the Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan for the 2021 plan year and includes changes that apply to pooled employer plans (PEPs).

The instructions to the 2021 Form 5500 for Part I, Line A (the multiple-employer plan checkbox) are being amended to note that:

·      a PEP operated by a pooled plan provider (PPP) that meets the definition under ERISA Section 3(43) is a multiple employer plan (MEP); and

·      like other ERISA-covered pension MEPs, a single Form 5500 Annual Return/Report is required to be filed for a PEP.

The 2021 instructions to the Form 5500 and Form 5500-SF for the MEP check box are amended to require MEPs to include a new data element on the currently required 2021 non-standard attachment, specifically the “Aggregate Account Balances Attributable to Participating Employer.”

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