The Pension Benefit Guaranty Corporation (PBGC) is proposing minor modifications to the Form 5500 Series for reporting about the 2020 plan year. The PBGC intends the changes to improve the accuracy of reported information.
The changes are relevant to 403(b) plans that are covered by Title I of ERISA, as they are among the retirement plans for which the Form 5500 must be filed.
The changes include:
Form 5500-SF Instructions. Because plans that file Form 5500-SF are not required to complete Schedule R, the PBGC is proposing to revise line 11 of the 2019 Form 5500-SF to obtain the same information from PBGC-covered single-employer plans that do not have to complete Schedule R.
Form 5500, Schedule SB and its Instructions. On line 23 of Schedule SB, plans indicate which mortality table was used to determine the funding target and target normal cost by checking the applicable box. The PBGC is proposing to revise line 23 to eliminate the mortality table options that are not available for plan years after 2018.
Form 5500, Line 2d. For the 2019 Form 5500, line 2d, the PBGC is proposing revisions to the instructions to clarify the requested business code description. It is proposing modifications to the instructions for line 2d to better explain which code should be entered.
Form 5500, Schedule MB, Line 2b. The PBGC is proposing to revisions to the instructions for Schedule MB’s line 2b to better explain the data that needs to be reported regarding the number of participants and beneficiaries per category and the current liability. The PBGC says that it has found several filings where a filer failed to report data of part of item 2 (that is, left an item blank) when other data reported makes it clear that this entry should have been completed. The revised language is intended to result in filers being more likely to report the correct data.
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