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Federal: Informational Copies of 2023 Form 5500 Series

The U.S. Department of Labor’s Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation released informational copies of the 2023 Form 5500, Form 5500-SF, IRS Form 5500-EZ, IRS Form 5558, and their related instructions online.

The IRS will release paper copies of the 2023 Form 5500-EZ separately from its instructions and provide the form’s instructions on the agency’s website after January 1, 2024.

Pension and welfare benefit plans required to file an annual return/report regarding their financial condition, investments, and operations generally file the necessary Form 5500 series return/report along with required schedules and attachments.

The Changes to Note section of the 2023 instructions for each of the forms highlights important modifications to the forms, schedules, and instructions.

The Form 5500 and Form 5500-SF include changes, as described in a February 23, 2023, fact sheet, related to the following:

  • New Schedule DCG for defined contribution group reporting arrangements

  • New Schedule MEP for multiple-employer pension plans

  • Revised small plan audit participant count method

  • Improved Schedule H administrative expense transparency

  • Schedule MB regarding asset reporting for plans receiving special financial assistance

  • Schedule R tax compliance questions and revisions to asset allocation reporting

  • Schedule SB target normal cost reporting clarifications

Filers should monitor for information on when the official electronic versions are available and can be filed using software from EFAST2-approved vendors or filed directly through the EFAST2 website.

Beginning January 1, 2024, Form 5558 can be electronically filed through EFAST2 or filed with the IRS using a paper Form 5558. A DCG reporting arrangement can file a single Form 5558 for plans participated in the DCG and is not required to attach a list of participating plans to Form 5558.

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