Summary of changes for 2009 and 2010

IRS - OMB REVIEW REQUEST FORM
Request for OMB review of currently approved document:
Date:

09/15/2009

Name: Vikki

Vrooman

Office Symbols: SE:W:CAR:MP:T:T:FP
Phone Number:

202-927-9868

Summary of Changes
2009 Form 5500, Annual Return/Report of Employee Benefit Plan.
Electronic Filing Mandate --- For plan years beginning on or after January 1, 2009, information for the Form 5500
series must be filed electronically using the EFAST2 processing system. In connection with the move to the electronic
filing system the Schedule E and Schedule SSA are removed from the Form 5500.
Limited Financial Reporting Exemption for Code Section 403(b) Plans Eliminated --- Code section 403(b) plans that
are subject to Title I of ERISA for plan years beginning on or after January 1, 2009, are not subject to the annual
reporting rules that apply to other ERISA-covered pension plans.
Application for Extension of Time To File Certain Employee Plan Returns --- Filers are no longer required to attach
a copy of IRS Form 5558, Application for Extension of Time To File Certain Employee Plan Returns, to their Form
5500 filing or an explanation of a special extension.
Form 5500 --- The optional preparer information has been removed. Multiemployer plans are now required to
provide information about the number of employers contributing to the plan on a new line 7. --- A one-participant plan
required to file an annual return may not file on Form 5500 for 2009 and must file Form 5500-EZ, Annual Return of
One-Participant (Owners and Their Spouses) Retirement Plan, or Form 5500-SF, if eligible. --- A pension benefit
plan maintained outside the U.S. primarily for the benefit of persons substantially all of whom are nonresident aliens is
not subject to Title I of ERISA and may not file an annual return on Form 5500 for 2009. --- New "plan characteristics
codes have been added to the instructions for line 8 for defined contribution plans that use "automatic enrollment" and
"default investment" features. --- Plan characteristic code 3E, previously used to identify prototype pension plans, are
removed for 2009. Code 3D will be used to identify all pre-approved pension plans, including master, prototype, and
volume submitter plans, for 2009. --- Feature codes for certain types of plans not subject to Title I of ERISA have
been eliminated as they will not be filing the Form 5500 with EFAST2.
Schedule A (Form 5500) -- Fee and commission information is now clarified and broken out on lines 2 and 3. A
new Part IV enables plan administrators to report insurance companies that fail or refuse to provide any information
necessary to complete Schedule A. A new reminder advises plan administrators that they should notify the insurer
that the plan administrator intends to identify the insurer on the Schedule A as not having provided the information
needed.

Impact on Approved Collection
Public
Law No.

Regulation
No.

Other
Code
References

SAMPLE:
PL 109-567

REG-345675-08

RP 2009-134

+/- 5

Change In IRS Form
& Instructions
No. of Filers
Words

+/- 20,000

+/- 500

Attachments

+/- 1

PL 109-280
(PPA)
IRC sec 432
PL 110-458
(WRERA)
(sec 204/205)

*Please insert how this new (PL, REG, or other), document will affect the currently approved collection.

IRS - OMB REVIEW REQUEST FORM
Request for OMB review of currently approved document:
Date:

Name:

09/15/2009

(Continued)

Vikki Vrooman

Office Symbols: SE:W:CAR:MP:T:T:FP
Phone Number:

202-927-9868

Additional Information:

Schedule C (Form 5500) now requires expanded reporting of receipt by service providers of indirect compensation.
The "top 40" reporting scheme is eliminated. You must now report all service providers who receive $5,000 or more in
direct or indirect compensation. The instructions clarify that those plans that would not have to complete the Schedule
H because they meet the conditions of the limited exemption under 29 CFR 2520.104-44 or Technical Release 92-01,
are also not required to complete and file a Schedule C to report information on service provider compensation.
Schedule H (Form 5500) -- Line 2b(2)(C) is added for reporting dividends on registered investment company
(mutual fund) shares. The instructions for line 4g clarify that insurance investment contracts for which the plan
received valuation information at least annually and mutual fund shares are not reportable on line 4g.
Schedules H and I (Form 5500) -- A new standardized schedule provides for reporting delinquent participant
contributions on line 4a. The instructions for line 4a now permit inclusion of delinquent forwarding of participant loan
repayments on line 4a, provided that filers that choose to include such participant loan repayments on line 4a use the
same supplemental schedule and IQPA disclosure requirements for the loan repayments as for delinquent transmittals
of participant contributions. Line 4l is added to report whether the plan failed to provide any benefit when due under
the plan. Lines 4m and 4n are added for plan administrators to report whether there has been a blackout (temporary
suspension, limitation, or restriction lasting more than three consecutive business days of any ability of participants or
beneficiaries to direct or diversify assets credited to their accounts, to obtain loans from the plan, or to obtain plan
distributions). If there was a blackout, plan administrators will have to state if participants either were provided the
required notice of this suspension period or one of the exceptions to providing the blackout notice applies.
Schedule I (Form 5500) -- Line 2 is revised to have plans separately report expenses for administrative service
providers (salaries, fees, and commissions) and other expenses.
Schedule MB (Form 5500) -- For those sponsors of a multiemployer plan who elected under section 204 of the
Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), for the plan year beginning during the period January
1, 2009, to September 30, 2009, to treat the plan as being in the same status (that is, endangered, seriously
endangered, critical, or not endangered or critical) as for the preceding plan year, regardless of the plan's status as
certified by the plan actuary, the status code entered on line 4a must be based on the actuarial certification of the
plan's status, without regard to the WRERA election. The notification of an election to use the previous year's status
will be provided in an attachment to the Schedule R.
Schedule R (Form 5500) -- A new Part IV is added for reporting certain employee stock ownership (ESOP)
information formerly reported on Schedule E. Some additional information that was provided in an attachment to the
2008 Schedule R is now reported in Parts V and VI of the Schedule R. The instructions for Part V relating to required
attachments for multiemployer defined benefit plans take into account elections under sections 204 and 205 of
WRERA.
Schedule SB (Form 5500) -- The instructions are changed to reflect recent guidance, changes made by WRERA,
and information not applicable in the first year that PPA (Pension Protection Act of 2006) funding rules were effective.

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