Advanced copies of the 2019 Form 5500 series, including schedules and attachments, were recently released by the Department of Labor (DOL), Internal Revenue Services (IRS), and the Pension Benefit Guaranty Corporation (PBGC). These copies are only for informational purposes and are not to be used to report information pertaining to the 2019 plan year. Here are some of the changes the agencies made related to welfare and 401(k) plan filings:
- Administrative Penalties. The instructions have been updated to reflect the most up-to-date penalties for failure to file Form 5500 ($2,194 per day). These penalties are adjusted on an annual basis and typically will be announced by the DOL around January 15 of each year.
- Form 5500, Line 2d. These instructions have been clarified on how to report the plan sponsor’s business code for multiemployer plans.
- Schedule R. A new Line 20 has been added to obtain information related to PBGC reporting requirements resulting from unpaid minimum required contributions. Only PBGC-insured single-employer plans are required to provide this additional information.
- Schedule SB Mortality Tables. Line 23 has been revised to eliminate mortality table options that are not available after 2018.
DOL audits are often triggered by inconsistent or inaccurate reporting of Form 5500. Therefore, individuals and entities responsible for filing should review the updated Instructions to ensure proper and accurate filing of Form 5500 and any Schedules that may be necessary. Check out ComplianceDashboard for more information on how to comply with these filing requirements!
The information and content contained in this blog post are for general informational purposes only, and does not, and is not intended to, constitute legal advice.