Advance informational copies of the 2013 Form 5500 and related instructions were released in December 2013 by the U.S. Department of Labor (DOL), the Internal Revenue Service and the Pension Benefit Guaranty Corp. (PBGC).
Employer-provided retirement and health benefit plans are required to file an annual report regarding their financial condition, investments and operations, generally by completing Form 5500 and any required attachments.
Modifications to Form 5500 and Form 5500-SF (short form) and their schedules and instructions for plan year 2013 are described under "Changes to Note" in the 2013 instructions. The modifications include the following:
- Form 5500–DOL Form M-1 Compliance Information. In March 2013, the DOL published a final rule under the Affordable Care Act regarding health benefits provided through multiple employer welfare arrangements (MEWAs). The final rule increased the DOL's enforcement authority to protect participants in MEWAs and called for such plans to adhere to enhanced filing requirements. In that regard, the revised Form 5500 includes a new section, “Form M-1 Compliance Information.”
Also, health and welfare plans that are required to file Form M-1, “Report for Multiple Employer Welfare Arrangements (MEWAs) and Certain Entities Claiming Exception (ECEs),” must now file Form 5500 regardless of plan size or type of funding (including small unfunded or insured health/welfare plans).
- Schedules H and I–PBGC Coverage Question. A new element 5c has been added to line 5 of Schedules H and I that asks defined benefit pension plan filers whether the plan is covered under the PBGC insurance program. This question replaces Plan Characteristic Code 1G previously used on line 8a of Form 5500 to identify plans covered by the PBGC insurance program.
- Schedule SB. The Schedule SB instructions have been updated to reflect the provisions of the Moving Ahead for Progress in the 21st Century Act (MAP‑21). In addition, the Schedule SB instructions for line 11b have been clarified for plans where the valuation date for the prior plan year was not the first day of the plan year.
These advance copies of the 2013 Form 5500 are for informational purposes only and cannot be used to file a 2013 Form 5500 annual return/report. Filers should monitor the EFAST website for the availability of the official electronic versions for filing using EFAST-approved software or directly through the EFAST website. Assistance with the EFAST2 system is available online or by calling 1-866-463-3278.
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