2014 Form 5500 Released to the Public

Mark Buckberg, CPA, CFE, CFF

The 2014 Form 5500 has been released to the public. There are only a few revisions from the prior year to the form itself. Here are the changes to note:

  • The attachment concerning M-1 filing compliance that welfare plans were required to submit last year is no longer necessary. Instead, a new third page has been added to the 5500 that asks three questions that cover the information that was previously included on the attachment.
  • A new line – 6a(1) – has been added to the 5500. This line asks for the number of active participants as of the beginning of the plan year in addition to the total participants that has always been required to be disclosed on line 5.
  • Multiple-employers plans (both pension and welfare) now must include an attachment to the form that lists each of the participating employers along with their employer identification numbers and a “good faith estimate” of each employer’s percentage of contributions paid into the plan during the year.
  • A new line – 4f – has been added to Schedule MB for plans in critical status. If the rehabilitation plan projects an emergency from critical status, the plan must disclose the plan year in which it is projected to do so. If the rehabilitation plan is based on forestalling possible insolvency, the plan must check a box and disclose in which plan year insolvency is expected.
  • Several lines have been altered on Schedule SB.
    • Line 3 has now been modified to show the funding target separately for each type of participant.
    • Line 11b has been split to show the calculations using both the prior year’s effective interest rate and the prior year’s actual return.
    • Line 27 has been changed to conform with the Cooperative and Small Employer Charity Pension Flexibility Act of 2014.

In addition to the changes to the form, there were also two changes made to the instructions worth noting:

  • The instructions now include a warning to check the filing status after e-filing. An error message saying the filing status is “Processing Stopped” or “Unprocessable” may indicate a problem with the electronic signature that could cause the form not be acknowledged as being filed.
  • The instructions to line 1c (13) of Schedule H have been changed to elaborate on the definition of interest in registered investment companies.

The complete instructions as well as informational versions of the form can be found on the Department of Labor’s website

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