SECURE Act: Combined Annual Report for Group of Plans

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) includes provisions that would permit certain retirement plans to file Form 5500 annual reports on a consolidated basis.

Section 202 directs the IRS and Department of Labor to develop consolidated filing procedures for groups of similar plans. Consolidated filing will be available to defined contribution plans that have the same trustee, fiduciary, plan administrator, plan year and investments or investment options. Governmental or church plans may be included if the same person completes the filing.

The change will reduce administrative costs involved in completing and filing Form 5500s, making it easier for smaller employers to sponsor a retirement plan. The new consolidated filing procedures will not become effective until guidance is published by the IRS and Department of Labor; stay tuned for further updates.

Interested in learning more about the SECURE Act? Download the SECURE Act eBook from the Schneider Downs Retirement Solutions team for a full overview of provisions and highlights at www.schneiderdowns.com/secure-act-ebook.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice