Labour market · 24/02/2023

IRS Finalizes Revisions to Employee Benefit Plan Forms and Instructions

The Internal Revenue Service (IRS) has released revised forms and instructions for employee benefit plans, effective for plan years starting January 1, 2023, in response to statutory amendments to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (Code), as part of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). The revisions aim to improve reporting of plan financial information, tax qualification, and compliance, while also making minor changes to defined benefit plan reporting and technical updates to the forms and instructions.