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ARTICLE · 03 FEBRUARY 2022

DOL Issues Final 5500 Rules For MEPs And PEPs, But Defers Finalizing Broader Changes

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On December 29, 2021, the Department of Labor ("DOL") released a final form revisions ("Final Revisions") modifying the Form 5500 Annual Return/Report of Employee Benefit Plan ("Form 5500") for benefit plans.

United StatesEmployment and HR
Ellen Goodwin
Ellen Goodwin
Michael Kreps
Michael Kreps
Levine Thomas
Levine Thomas
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On December 29, 2021, the Department of Labor ("DOL") released a final form revisions ("Final Revisions") modifying the Form 5500 Annual Return/Report of Employee Benefit Plan ("Form 5500") for benefit plans. 86 Fed. Reg. 73976 (Dec. 29, 2021). DOL completed the Final Revisions a mere three months after the agency issued a Notice of Proposed Rulemaking (the "NPRM," summarized here).   86 Fed. Reg. 51284, 51488 (Sept. 15, 2021). The Final Revisions primarily address issues related to multiple employer plans ("MEPs") and pooled employer plans ("PEPs") and leaves other proposed changes affecting most plans – including reporting of detailed expenses and IRS compliance issues – for future rulemaking.

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