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The 2021 Form 5500/SF/EZs are available on DGEM as of January 3, 2022. The IRS has approved the 2021 Form 8955-SSA Instructions and the PBGC has released the 2022 Instructions. Both forms are also available on DGEM. If you created any short plan year final 2021 filings using the 2020 form versions, they have been converted to the 2021 form versions.

• The Form 5500 instructions have been amended to make clear that a PEP is a MEP that files a single Form 5500.
• PEPs are required to check the MEP box in Part A of the Form 5500 and to include the attachment for reporting participating employer information for MEPs to the form.

• A separate attachment or the participating employer attachment for MEPs/PEPs must answer whether the pooled plan provider (PPP) administering the plan has complied with the Form PR filing requirements. If yes, the Ack ID number for the PPPs last filing must be provided.

• The maximum civil penalty amount that is assessable for a plan administrator who fails to file a complete or an accurate Form 5500/5500-SF has increased to $2,259 per day.
• The Form 5500SF instructions have been amended to provide that PPPs must file the Form 5500 and cannot file a Form 5500SF.

• As of 1/1/2022, Form Versions 2019, 2020 and 2021 will be the only active Form versions accepted by EFAST2. This is a change from last year in which the 2020 and 2019 Form versions were active. Going forward, plan year 2018 and earlier filings will be submitted on a 2021 Form 5500 version.

• A new checkbox has been added to the 5500/5500SF/5500EZ Forms to indicate the plan was retroactively adopted as permitted by SECURE Act Section 201.
• A new checkbox was added on Part I, line B for Form 5558, automatic extension and special extension on the 5500EZ Form.

• The Amended Return section on the 5500EZ instructions was changed. The instructions clarify that you must submit the amended return electronically through EFAST2 if previously filed electronic on a 5500SF or 5500EZ Form. You must submit the amended return using the paper 5500EZ on the form year corresponding to the original year of the filing with the IRS if previously filed on a paper 5500EZ.

• A new line 3(d) “Total withdrawal liability amounts included in line 3(b) total” was added to the Schedule MB to require a multiemployer defined benefit plan to report the amount of withdrawal liability payments that are included in the employer contributions.

• Line 6c, mortality table on the Schedule MB has been revised to add new mortality tables to simplify reporting of older mortality tables.

• Line 7, New Amortization Bases Established on the Schedule MB have been revised to reflect changes to be used for net investment losses and to reflect other losses related to the coronavirus incurred in either or both of the first two plan years ending after February 29, 2020.

• The Schedule SB Line 6 target normal cost is broken down into new lines 6a, 6b and 6c requiring the target normal cost and expected plan related expenses to be reported separately. Line 6a reports the present value of current plan accruals decreased by any mandatory employee contributions. Line 6b reports expected related expenses and 6c represents the totals of lines 6a and 6b.

• No changes to the IRS 8955 Instructions.
• IRS FIRE definition changes – Effective January 1, 2022, the “Good, Not Released” file status and the “Good – Released” status will be combined so users will only see a “Good” status change.

• Invite signer and remind signer options were added to the Manage Plan Documents page.
• The FIND function has been enhanced to add a new “Export 5500 Fields” option in the Search Results dropdown menu.
• Import signer info was added to the 5500 Wizards. The new feature allows users to update signer name, signer email and cc email addresses for filings in “Draft” status.

• Follow the direct Link to the CSC login site, by clicking “Support” at the bottom of any DGEM screen.
• Include plan name, EIN, plan number and form year of your filing along with the details of the call.
• Attach files (example: screen shot of error message)
• Click “Open Support Request” to submit.

Look for an email announcing our 5500 Support webcast scheduled for this Spring where we will discuss the latest announcements and 5500 enhancements. We welcome all suggestions for Q&As to include in our webcast. Please forward your suggestions to the Support team under the Client Support Center website or email support@asc-net.com.