Defined benefit plans, DC plans and 403(b) annuity arrangements, take note: July 31 is right around the corner. That’s the day by which most plans must file the dreaded and onerous Form 5500. The clock is ticking on filing the form that reports on 2013.
The form must be filed by the end of the seventh month after the end of a plan year. Plans that use the federal fiscal year — Oct. 1-Sept. 30 — have to file by April 30. But since most plans set their plan years to the calendar year, most plans have to file by July 31. So calendar-year plans must file the 2013 Form 5500 by July 31, 2014.
The DOL made one change for 2013 filing that is relevant to retirement plans, adding a new element 5c to Line 5 of Schedules H and I that asks DB plan filers whether the plan is covered under the PBGC insurance program. And the DOL removed Plan Characteristic Code 1G, previously used on line 8a of the Form 5500 to identify plans covered by the PBGC insurance program.
John Iekel is Senior Writer and Editor for the ASPPA Net and NTSA Net portals.
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