[Implement SECURE Act Rules] Download Copy 

Implement SECURE Act Rules – On Sept. 14, 2021, federal agencies announced proposed revisions to the Form 5500 Annual Return/Report. These changes are designed primarily to implement the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and to make other improvements.

Implement Secure Act Rules – Key Changes
The key proposed forms revisions would do the following:

• Consolidate the Form 5500 for defined contribution retirement plans. The proposal would add a new type of direct filing entity. Adding a new Schedule DCG (Individual Plan Information) that such reporting groups must file.
• Modify the Form 5500 to reflect pooled employer plans (PEPs) as a new type of retirement plan. Implement changes to multiple-employer pension plans’ reporting of participating employer information.
  Improve financial reporting by adding new fee and expense reporting requirements. Enhancing the format and content of the existing schedules of assets held for investment.
• Expand the number of defined contribution retirement plans that would be eligible for small plan simplified reporting options by changing the participant-count methodology.
• Add questions to improve financial and funding reporting by certain defined benefit pension plans, and improve oversight and compliance of tax-qualified retirement plans.
• A fact sheet on Implement Secure Act Rules, summarizing the changes available, in addition to the Proposed Rule and the Notice of Proposed Form Revisions.

This Legal Update is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice. ©2021 Zywave, Inc. All rights reserved.