The DOL has communicated the changes* for the 2022 Form 5500. They are focused on only the pension plans. As a result, we have great news: There are no changes for health and welfare Form 5500s. Our dashboard process and the data points needed for your 2022 Form 5500 will be identical to what you have experienced this year. You will not need to learn new information. However, we are not resting on our laurels.
The announcement of the 2022 Form 5500 also included notes of what may come. If what was outlined does happen, there will be significant changes to adopt.
Overall, the DOL and other federal agencies are seeking more and more benefit plan transparency, and their intention is to use the 5500 reports to help achieve this. The following was listed in the Federal Register with the information on the 2022 Form 5500.
For the Form 5500 in general:
- Modernize the financial and other annual reporting requirements on the Form 5500 annual return/report
- Continue an ongoing effort to make investment and other information on the Form 5500 annual return/report more data mineable
- Consider potential changes to group health plan annual reporting requirements, among other improvements that would enhance the agency’s ability to collect employee benefit plan data in a way that best meets the needs of compliance projects, programs, and activities
For a trust filing:
- Financial statement improvements to the Schedule H and Schedules of Assets
- Changes in participant counting methodology for Independent Qualified Public Accountant (IQPA) purposes
For changes if the filing is for a Multiple Employer Plan Welfare Arrangement (MEWA)
- Reporting on participating employers for MEWAs that file the Form M-1
Wrangle will continue to monitor and bring more details to your attention as they unfold. If you have any questions, feel free to contact Ann McAdam at amcadam@wrangle5500.com.
*Final forms and instructions for the 2022 Form 5500 and 5500-SF have been announced in the Federal Register.