Labor Department Finalizes Secure Act Implementation

Assistant secretary for benefits announces changes to 5500 Annual Return Form.

The Department of Labor announced changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan. This change is the third and final step for the full implementation of the Setting Every Community Up for Retirement Enforcement (SECURE) Act, which was passed by Congress in 2021. Form 5500 has been consolidated to improve reporting for multiple retirement plans. The use of this new streamlined format is estimated to reduce overall filing costs by $95 million annually.

“The form changes and regulatory amendments, especially those on multiple-employer plan reporting, improve the Form 5500 as a critical oversight, public disclosure and policy data tool,” said Assistant Secretary for Employee Benefits Security Lisa Gomez.

As the Lord Leads, Pray with Us…

  • For Acting Secretary Julie Su as she oversees the Department of Labor.
  • For Assistant Secretary Lisa Gomez as she heads the Employee Benefits Security office.
  • For members of Congress as they address various tax reforms.

Sources: Department of Labor


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