Department of Labor Issues Final Rules on 2023 Form 5500 changes

Charlotte, NC – February 24, 2023 – Yesterday the Department of Labor issued final rules on changes to the 2023 Form 5500 and Form 5500-SF Employee Benefit Plan Reports. We wanted to share this information ahead of the upcoming “busy season” for many of your clients’ Health and Welfare Benefits Form 5500 filings, and note the following:

• This is part of a planned regulatory proposal that was implemented in 2021, and which primarily affects Pension (retirement) Plan Form 5500 filing reports, not the Health and Welfare filing reports which we prepare;


• The form changes that were issued yesterday are effective for 2023 plan year reports, which generally begin filing in July 2024 – any earlier changes which applied to 2021 and 2022 filings have already been updated in our software platform;


• We will review the changes in more detail later this year for anything that may affect your clients’ filings going forward.

The Dept. of Labor news release can be viewed here.

In our ongoing effort to improve and streamline the Form 5500 filing process, the Flores 5500 Team is sending some data collection forms earlier this year. Our hope is to spread out the volume of filings to be able to serve everyone better and more quickly. As a reminder, because the end of every month is a Form 5500 filing deadline, we must work on the most pressing filings first, but we will strive to communicate as quickly as possible.

Summary:

• The Department of Labor issued final rules on changes to the 2023 Form 5500 and Form 5500-SF Employee Benefit Plan Reports.


• These changes primarily do not affect the Health and Welfare filing reports which we prepare for your clients.


• These changes are effective for 2023 plan year reports which generally begin filing in July 2024.


• Some data collection forms for Form 5500 filings will be sent to clients earlier this year to improve and streamline our process and the client experience.

Broker and Client Actions:

• No action is required at this time.