Changes to Form 5500

by Lori Mayer

If you are a plan sponsor, every year you are required to file an annual report disclosing your plan's financial condition and operations. This annual report is known as the Form 5500. The Form 5500 has had several changes and updates throughout the years. Now you can get ready for another change. The Form 5500 will be revamped into an electronic online version. Mandatory electronic filing will be effective for the 2009 plan year, beginning in 2010. As this deadline approaches, we will provide you with more information.

Also, for those sponsoring a defined benefit plan, the Schedule B will have several modifications, including a name change. Starting for 2008 plan years, your Schedule B will be known as Schedule SB for single-employer plans. The Schedule SB has been created to reflect changes made to defined benefit plans by the Pension Protection Act.

The Benefits Consulting Group's consultants are available to assist you in preparing for the new changes ahead.