closeup shot of sign in front of DOL building and part of the building (photo: Michael Scarcella/ALM Media)

The Department of Labor, the Internal Revenue Service and the Pension Benefit Guaranty Corporation made final changes to 2023 Form 5500 and Form 5500-SF employee benefit plan reports this week. The changes, which take into account developments such as pooled employer plans (PEPs), could reduce filing costs by $95 million each year.

The Form 5500 Series is a compliance, research, and disclosure tool that contains information about a 401(k) plan’s financial condition, plan qualifications, operation and compliance with government regulations. This is the third and final phase of changes to the forms proposed in 2021 to comply with the Setting Every Community UP for Retirement Enforcement (SECURE) Act.



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