DOL Finalizes Significant Form 5500 Changes For 2023 Year

On February 24^th, the Employee Benefits Security Administration, Internal Revenue Service, Treasury, and Pension Benefit Guaranty Corporation (together, “the Agencies”) released  Final forms revisions and Final Rules related to the Form 5500 (the “Final Rule”). This Final Rule follows a Notice of Proposed Rulemaking (the “Proposed Rule”) published in September 2021, and two subsequent final Form revisions addressing issues related  to multiple employer plans (“MEPs”) and  pooled employer plans (“PEPs”) published in December of 2021 and May of 2022.  The Final Rule addresses many of the outstanding reporting issues from the September 2021 proposal, as explained further below.  These Form 5500 changes are effective for the 2023 reporting year. Most notably, this package of Form 5500 changes includes reporting rules related to defined contribution “groups of plans” or DCGs, changes to Schedules MB, SB and R for defined benefit plans, the addition of IRS compliance