DOL Issues Final Revisions to 2023 Form 5500 Employee Benefit Plan Reports

Published February 24, 2023

The Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) have announced a technical correction and change to the operational date of the final rule published on February 24, 2023, on annual reporting requirements under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA).

The document contains two technical changes to the regulations: 
  • It changes the operational date of the final rule amendments to the regulations to address the Congressional Review Act (CRA) requirement under which a major rule cannot be effective until 60 days after publication in the Federal Register or receipt by Congress, whichever is later; and
  • Corrects a typographical error in the lettering of a paragraph in the regulations.

This final rule is effective May 31, 2023. The operational date of the amendments published at 88 FR 11793 is changed from April 25, 2023, to May 31, 2023. 

(updated May 17, 2023)


The Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) have announced changes to the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500–SF Short Form Annual Return/Report of Small Employee Benefit Plan effective for plan years beginning on or after January 1, 2023. The announcement marks the third and final phase of implementation of a September 2021 regulatory proposal, which included changes related to provisions in the SECURE Act of 2019.

The 2023 plan year reports – which generally will be filed beginning in July 2024 for calendar year plans – include the following changes:
  • A consolidated Form 5500 reporting option for certain groups of defined contribution retirement plans, improved reporting by pooled employer plans and other multiple employer plans.
  • A change in the participant-counting methodology for determining eligibility for simplified reporting alternatives available to “small plans,” which are generally plans with fewer than 100 participants.
  • A breakout of reporting on administrative expenses paid by the plan on the plan’s financial statements.
  • Further improvements in financial and funding reporting by PBGC-covered defined benefit plans.
  • The addition of selected Internal Revenue Code compliance questions to improve tax oversight and compliance of tax-qualified retirement plans. 
  • Technical and conforming changes as part of the annual rollover of forms and instructions.
  • Technical adjustments to address certain provisions in SECURE Act 2.0 of 2022 on Code section 403(b) multiple employer plans, including pooled employer plans, minimum required distributions and audit requirements for plans in defined contribution group reporting arrangements.

Federal Register Notices

  • Includes appendices that illustrate the changes to the forms and instructions, and "mock-ups" of the new Schedule DCG, Schedule MEP, and their instructions. The normal release of "for information-only" copies of the forms and instructions will happen later in 2023.

The rules are effective/applicable for plan years beginning on or after January 1, 2023.

Additional Information

(posted February 24, 2023)