Advanced Informational Copies of Form 5500 Released by Federal Agencies

Last week the DOL, IRS and PBGC released the 2018 Form 5500 Series along with Schedules, Instructions and the IRS’ separate release of an updated Form 5558 (for an extension to file Form 5500 or Form 8955). Remember, these documents cannot be used to file the Form 5500 (exceptions do apply in rare cases) but are helpful to have at hand when electronically filing the form through the EBSA.

What’s Changed?

• Form 5500 Instructions: (1) specify only lines 6a(1), 6a(2), 6b, 6c, and 6d are to be completed by welfare plans re: participants counts; (2) update both Plan Characteristics Codes and Principal Place of Business Codes used to complete lines 8a, 8b, and 2d, respectively); and (3) reflect the current maximum penalty for Form 5500 filing failures ($2,140 per day);
• Schedule R Instructions parallel the IRS’ removal of certain compliance questions after 2016 re: reportable plan benefits distributed, and specified benefits paid; and
• Form 5558: Instructions specify a separate Form 5558 must be used to request an extension of Form 5330.