The Department of Labor, IRS and Pension Benefit Guaranty Corporation (PBGC) on Dec. 8 released informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and their related instructions.
About the Forms
Pension and welfare benefit plans required to file an annual return/report regarding their financial condition, investments and operations generally file the necessary Form 5500 series return/report along with required schedules and attachments.
What’s new. The Changes to Note section of the 2022 instructions for each of the forms highlights changes related to:
- multiple employer plans;
- administrative penalties;
- Schedule MB for multiemployer defined benefit plan and certain money purchase plan actuarial information;
- Schedule R for retirement plan information; and
- Schedule SB for single employer defined benefit plan actuarial information.
Not for filing. The copies of the 2022 series are not to be used for filing — the agencies intend them to provide filers an advance look to help them prepare for filing season.
Finding Out More
Filers should monitor efast.dol.gov for information on when the official electronic versions are available and can be filed using software from EFAST2-approved vendors or directly through the EFAST2 website. Assistance with EFAST2 is available online or by calling the EFAST2 Help Desk at 866-463-3278.
DOL Phasing Out EFAST
Meanwhile, the Department of Labor also announced that it is modernizing the EFAST2 website authentication process. EFAST is the electronic platform by which one can file the Form 5500 Series.
Logging into the EFAST2 website is required to obtain new electronic signature credentials for the Form 5500 Series. It is also required to file the Form PR or to use IFILE, the government’s free Form 5500 Series filing application. Logging into the EFAST2 website is generally not necessary for existing Form 5500 Series filers using approved private software.
From EFAST2 to Login.gov
The DOL is phasing out the existing EFAST2-issued User ID and password log-in process. It will replace it with the unified Login.gov single sign-on used for U.S. government websites. Login.gov enables users to securely log in to many government agencies’ services with a single username and password.
When?
Beginning Jan. 1, 2023, all new EFAST2 website accounts will be created using the Login.gov process.
Existing filers may change to a Login.gov account as early as Jan. 1, 2023—however, they are not required to do so. The DOL is granting an eight-month grace period—existing filers may use their EFAST2-issued User ID and password to log in to the EFAST2 website until Sept. 1, 2023. The DOL is going to provide a gradual transition for filers.
