Form 5500 — 2007 Changes

Form 5500 Annual Return/Report of Employee Benefit Plans and related instructions were revised in 2007 by the U.S. Department of Labor (DoL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC). According to a press release from the DoL, the three significant changes to the Form 5500 for plan year 2007 are:

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  A new simplified reporting option for eligible plans with fewer than 25 participants required by the Pension Protection Act (PPA),

• Revised Schedule B instructions to reflect updated mortality tables and the list of codes used for valuation purposes, as well as for calculating current liability for plan years beginning on or after Jan.1, 2007,
• Instructions that caution certain filers that, due to form changes required by the PPA that will appear in the 2008 Form 5500, they will have to wait for the 2008 forms rather than using the 2007 forms if they must file a 2008 short plan year report.

Revisions of the Form 5500 package for 2009 along with electronic filing and EFAST2 changes were expected as well, according to the Department of Labor press release.

 Form 5500 Questions?

If you have any questions about Form 5500, please feel free to contact us.