PBGC Proposes Changes to Two Form 5500 Schedules

By John Iekel • December 18, 2017 • 0 Comments
The Pension Benefit Guaranty Corporation (PBGC) has asked the Office of Management and Budget (OMB) to extend approval, with modifications, of its collection of information through the Form 5500.

The modifications are to 2018 Schedule MB (Multiemployer Defined Benefit Plan Actuarial Information) and the 2018 Schedule SB (Single Employer Defined Benefit Plan Actuarial Information) of the Form 5500. The proposal was published in the Federal Register on Dec. 15.

More specifically, the PBGC is proposing three modifications to the 2018 Schedule MB instructions, one modification to the Schedule SB instructions, and one modification to the Schedule SB form.

Schedule MB Instructions

Where contributions are reported as being made to a multiemployer plan, the PBGC is proposing that for each reported contribution, the aggregate amount of withdrawal liability payments included in the contribution be reported.

For multiemployer plans in critical status or critical and declining status (i.e., where Code C or Code D is entered on Line 4b), the PBGC is proposing that basic supporting documentation be included as an attachment to Line 4f unless the plan is projected to emerge from critical status within 30 years.

Schedule SB Instructions

The PBGC is proposing to change the instructions related to an attachment that is currently required of plans for which the IRS has granted permission to use a substitute mortality table. The current instructions for Schedule SB, item 23, reflect IRS regulations on the use of substitute mortality tables as they pertain to plan years beginning before Jan. 1, 2018. Those rules have changed regarding plan years beginning on or after Jan. 1, 2018.

Comments Welcome

The PBGC will accept comments on the proposed changes through Jan.16, 2018. Comments can be sent by:

  • mail to the Office of Information and Regulatory Affairs, Office of Management and Budget, Attention: Desk Officer for Pension Benefit Guaranty Corporation;


  • by fax to (202) 395-6974.

The PBGC works with the Department of Labor and the IRS to produce the Form 5500 Series.