The 2023 Form 5500, which will be filed beginning in mid-2024, includes the following changes:
- A consolidated Form 5500 reporting option for certain groups of defined contribution retirement plans, improved reporting by pooled employer plans and other multiple-employer plans;
- A change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to small plans, which are generally plans with fewer than 100 participants, which means only counting participants with account balances;
- A breakout of reporting on administrative expenses paid by the plan on the plan’s financial statements;
- Changes in financial and funding reporting by PBGC-covered defined benefit plans;
- Added Internal Revenue Code compliance questions to improve tax oversight and compliance with tax-qualified retirement plans;
- Technical and conforming changes as part of the annual rollover of forms and instructions;
- Technical adjustments that address certain provisions in SECURE 2.0 Act of 2022 regarding 403(b) multiple employer plans, including:
- pooled employer plans;
- minimum required distributions;
- and audit requirements for plans in defined contribution group reporting arrangements.