Insights

On November 18, 2019, several agencies (DOL, IRS, and PBGC) published advance copies of the 2019 Forms 5500, and several related schedules. There are no major changes to the forms or schedules, but there are some modifications that are worth noting:

1. Form 5500, Line 2d: The instructions provide additional clarifications on reporting the plan sponsor’s code for multi-employer plans.
2. Schedule H, Part III (relating to the Accountant’s Opinion): The instructions have been revised to align with the language in the related, generally accepted auditing standards, AU-C 700, Forming an Opinion and Reporting on Financial Statements, and AU-C 705, Modifications to the Opinion in the Independent Auditor’s Report.
3. Administrative Penalties: The instructions reflect the updated increased penalty amount at $2,194 per day (as the maximum civil penalty amount assessed under ERISA, which is applicable for civil penalties assessed after January 23, 2019, for violations that occurred after November 2, 2015).
4. Schedule SB Mortality Tables: Line 23 was revised to eliminate mortality table options that are not available after 2018.
5. Schedule R: A new line 20 has been added to help gather 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).
6. Form 5500-SF: Related to Schedule R, a new line 11b has been added to Form 5500-SF which parallels the new Schedule R, line 20, for PBGC-insured, single-employer plans that file the Form 5500-SF instead of the Form 5500.

Importantly, the advance copies are informational only, and they cannot be used to file a 2019 Form 5500 or schedule. The agencies will eventually finalize the forms for actual use; when those forms are finalized, we will announce it in Compliance Corner. So, for now, there is nothing for employers to do other than familiarize themselves with the advance copy forms and changes.

Advance Copies of 2019 Form 5500 and Related Schedules »
DOL News Release »