Among the changes for 2024 filing:

Defined contribution group plan arrangements may, without needing to attach a list of participant plans, file for an extension of time to file Form 5500
Modifications to the process of filing an attached Schedule SB reporting expected benefit payment projections when plans are reporting on benefits to be paid in the form of an annuity

Each Form 5500's instructions include a Changes to Note section highlighting important updates to the forms, schedules and instructions for 2024, including the following changes in Form 5500 and Form 5500-SF:

A new plan characteristics code, 2Y, for pension-linked emergency savings accounts created by SECURE 2.0
An update to Schedule SB instructions for certain expected benefits payable in annuity form.

Plan administrators should not use informational copies to file a 2024 Form 5500 Series Annual Return/Report. Filers should monitor efast.dol.gov to learn when official electronic versions are available and able to be filed using software from EFAST2-approved vendors or directly through the EFAST2 website.

Related: 80% of 401(k) plans are overpaying on administrative fees, facing ERISA non-compliance

Beginning Jan. 1, 2025, Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, can be electronically filed through EFAST2 or filed with the IRS using a paper Form 5558. A Defined Contribution Group reporting arrangement can file a single Form 5558 for plans participating in the DCG and is not required to attach a list of participating plans to the Form 5558.

Instant Insights /

DOL releases 2024 Form 5500 for 401(k)s, informational copies now available

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