Changes to Form 5500 Proposed in Response to PPA

December 11, 2006 – The IRS and the Department of Labor’s Employee Benefits Security Administration (EBSA) and Pension Benefit Guarantee Corporation (PBGC) have jointly released proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan. The recommendations would be for 2008 plan years (first filings in 2009). These new changes are related to the July 2006 release of proposed changes to Form 5500 filing procedures, and are also a response to requirements of the Pension Protection Act of 2006 (PPA). Comments on these proposed changes must be received by January 10, 2007. The recommendations include the following.

  • Use the new Form 5500-SF (short form), which was included in the July 2006 procedures proposal, to satisfy the PPA mandate for a streamlined filing procedure for plans with fewer than 25 participants.
  • Modify defined benefit plan actuarial information reporting on Form 5500 Schedule B, Actuarial Information, to distinguish between single-employer plans (proposed Schedule SB) and multiemployer plans (proposed Schedule MB).
  • Add questions to Form 5500 Schedule R, Retirement Plan Information, to collect additional information regarding single and multiemployer defined benefit plans as required by PPA.

The proposed changes were published in the December 11, 2006, Federal Register and may be accessed as follows.