Retirement plans are generally required by law to send out notices to plan participants and file certain forms and reports with the Internal Revenue Service (IRS), depending on a plan's type, size, and circumstances. The Department of the Treasury (Treasury Department), the Employee Benefits Security Administration of the U.S. Department of Labor (Labor Department), and the Pension Benefit Guaranty Corporation (PBGC) are publishing a Request for Information (RFI) to develop a public record for purposes of the directive in section 319 of the SECURE 2.0 Act of 2022 (SECURE 2.0),1 which requires that these agencies review the existing reporting and disclosure requirements for certain retirement plans under the Employee Retirement Income Security Act of 1974, as amended (ERISA) and the Internal Revenue Code (IRC) that are applicable to each agency. Following this review, the agencies are to report to Congress, no later than December 29, 2025, concerning the effectiveness of the reporting and disclosure requirements. The RFI solicits comments from the public on the reporting and disclosure requirements, and these public comments will inform the agencies in preparation of the required report to Congress and in any future action taken by the agencies to enhance the effectiveness of existing requirements. The RFI was published in the Federal Register on January 23, 2024, (REG- 117669-23). The charts review the principal requirements of the IRS and the Treasury Department relating to reporting and disclosure under the IRC with respect to retirement plans. The charts below list both notices required to be provided to plan participants and forms required to be filed with the IRS. These requirements apply to both defined benefit (DB) and defined contribution (DC) plans under the Internal Revenue Code (IRC), Treasury Regulations (Treas. Reg.), and other guidance, as well as provisions of the Employee Retirement Income Security Act of 1974 (ERISA) administered by the IRS. 1 The SECURE 2.0 Act of 2022, Division T of the Consolidated Appropriations Act, 2023, Public Law 117-328, 136 Stat. 4459 (2022). Retirement plan notices required by the Internal Revenue Code Required notice Description Applicable law Qualified Joint and Survivor Annuity (QJSA) Explanation and Qualified Preretirement Survivor Annuity (QPSA) Explanation (DB/DC Plans that are subject to Section 412) To inform participants within a reasonable period before an annuity starting date of (i) the right to receive a QJSA or other optional forms of benefits, including the option of selecting alternate beneficiaries, (ii) the spousal consent requirements, and (iii) the terms and conditions of the QJSA. With respect to a QPSA, to inform participants of the terms and conditions of a QPSA. IRC: 401(a)(11) 417(a)(3) Treas. Reg.: 1.401(a)-20 1.417(a)(3)-1 1.417(e)-1(b)(3) ERISA section: 205(c) Domestic Relations Order and Qualified Domestic Relations Order (QDRO) Notices (DB/DC Plans) To notify the participant and alternate payee of the receipt of a domestic relations order, the plan’s procedures for determining the qualified status of the domestic relations order, and the determination of whether the order is a QDRO. IRC: 401(a)(13)(B) 414(p)(6)(A) ERISA section: 206(d)(3) Notice of Right to Diversify Investments in Employer Securities (DC Plans) To provide applicable individuals with the right to divest employer securities in their accounts and reinvest those amounts in certain diversified investments. IRC: 401(a)(35) ERISA sections: 101(m) 204(j) 401(k) Safe Harbor Notice (DC Plans) To inform eligible employees of their rights and obligations under the Section 401(k) safe harbor plan, given annually and to newly eligible employees. IRC: 401(k)(12)(D) Treas. Reg.: 1.401(k)-3(d) 401(m)(11) Safe Harbor Notice (DC Plans) To inform eligible employees of their rights under the Section 401(m)(11) safe harbor plan, given annually and to newly eligible employees. IRC: 401(m)(11) Treas. Reg.: 1.401(m)-3(e) Notice of Effective Opportunity to Make or Change Cash or Deferred Election (DC Plans) To advise employees and new hires of the opportunity to make or change a salary deferral election, given annually and to newly eligible employees. IRC: 401(k)(11) 408(p)(5)(C) Treas. Reg.: 1.401(k)-1(e)(2)(ii) 1.403(b)-5(b)(2) Qualified Automatic Contribution Arrangement (QACA) Notice (DC Plans) To inform eligible employees of their rights and obligations under the QACA, given annually and to newly eligible employees. IRC: 401(k)(13)(E) Treas. Reg.: 1.401(k)-3(d) 1.401(k)-4 401(m)(12) Safe Harbor Notice (DC Plans) To inform eligible employees of their rights under the Section 401(m)(12) safe harbor plan, which includes a QACA, given annually and to newly eligible employees. IRC: 401(m)(12) Treas. Reg.: 1.401(m)-3(e) 401(k) Safe Harbor Reduction or Suspension Notice (DC Plans) To notify participants of the consequences of an amendment that reduces or suspends safe harbor matching contributions, nonelective contributions, or employee contributions. IRC: 401(k)(12) 401(k)(13) Treas. Reg.: 1.401(k)-3(g) 401(m) Safe Harbor Reduction or Suspension Notice (DC Plans) To notify participants of the consequences of an amendment that reduces or suspends safe harbor matching or nonelective contributions. IRC: 401(m)(11) 401(m)(12) Treas. Reg.: 1.401(m)-3(h) Updated Notice for Mid-Year Changes to Safe Harbor Plans or Safe Harbor Notices (DC Plans) To inform participants of a mid-year change to a safe harbor plan affecting the plan’s safe harbor notice, including the effective date of the change. Notice 2016-16 Eligible Rollover Distribution Notice (Section 402(f) Notice) (DB/DC Plans) To provide a written explanation to any recipient, before receiving an eligible rollover distribution from an employer plan, of the direct rollover rules, the mandatory income tax withholding rules for distributions not directly rolled over, the tax treatment of distributions not rolled over, and when distributions may be subject to different restrictions and tax consequences after being rolled over. IRC: 402(f) Treas. Reg.: 1.402(f)-1 Explanation of Automatic Rollover (DB/DC Plans) To provide notice (either separately or as part of a section 402(f) notice) to individuals receiving a plan payment that, unless there is an election, the payment will automatically be rolled over to an IRA (and identifying the trustee or issuer of the IRA). IRC: 401(a)(31)(B) Consent to Distribution Explanation (DB/DC Plans) To obtain a participant’s consent to a distribution greater than $7,000, and to inform the participant of optional forms of benefit, the right to defer the distributions, and the consequences of failing to defer the start of benefits. IRC: 411(a)(11) Treas. Reg.: 1.411(a)-11 1.411(a)(11)(c)(2) 1.401(a)-20 Election to Remain under Prior Vesting Schedule (DB/DC Plans) To provide notice and an election to participants with not less than 3 years of service to have the participant’s nonforfeitable percentage computed under the plan without regard to a plan amendment changing the vesting schedule. IRC: 411(a)(10) Treas. Reg.: 1.411(a)-8 Eligible Automatic Contribution Arrangement (EACA) Notice (DC Plans) To inform eligible employees of their rights and obligations under the EACA, given annually and to newly eligible employees. IRC: 414(w)(4) Treas. Reg. 1.414(w)-1(b)(3) Individual Statement to Separated Participants with Deferred Vested Retirement Benefits (DB/DC Plans) To inform separated participants about the deferred vested retirement benefits reported on Form 8955-SSA. IRC: 6057(e) Treas. Reg.: 301.6057-1(e) Notice of Amendments Significantly Reducing the Rate of Future Benefit Accruals (DB/DC Plans subject to Section 412) To provide sufficient information to affected parties to understand the effect of a plan amendment’s reduction of future benefit accruals. IRC: 4980F Treas. Reg.: 54.4980F-1 ERISA section: 204(h) Funding-Related Benefit Limitations in Single-Employer Defined Benefit Plans Notice (DB Plans) To provide information of benefit restrictions for single-employer defined benefit plans based on the plan’s funding level, as measured by the plan’s AFTAP. IRC: 436 Treas. Reg.: 1.436-1 Notice: Notice 2012-46 ERISA section: 101(j) Notice of Funding Waiver Application (DB/DC Plans subject to Section 412) To provide notice that the employer will apply to the IRS for a waiver of the minimum funding standard. IRC: 412(c)(6) Notice of Reduction in Adjustable Benefits for Multiemployer Plans in Critical Status (DB Plans) To provide certain parties with sufficient information to understand the significance of any reduction in benefits. IRC: 432(e)(8)(C) ERISA section: 305(e)(8)(C) Notice of Proposed Suspension for Multiemployer Pension Plan in Critical or Declining Status (DB Plans) To provide certain parties with sufficient information to understand the effect of any of benefit suspension. IRC: 432(e)(9)(F) Notice of Endangered or Critical Status for Multiemployer Pension Plan (DB Plans) To provide notice that a multiemployer plan is or will be in endangered or critical status for a plan year; if critical status, notice explains possibility that adjustable benefits may be reduced. IRC: 432(b)(3)(D) ERISA section: 305(b)(3)(D) Notice of Request for Extension of Amortization Period for Multiemployer Plans (DB Plans) To advise affected parties that an application for an extension of the amortization period is being filed with the IRS. IRC: 431(d) ERISA section: 304(d) Explanation of Income Tax Withholding Requirements (DB/DC Plans) To inform payees of their rights relating to federal income tax withholding from their distributions. IRC: 3405 Treas. Reg.: 35.3405-1 35.3405-1T 31.3405(c)-1 Notice to Interested Parties (DB/DC Plans) To notify interested parties that an application for a determination of the qualified status of the plan is being made to the IRS or notice of an intent to terminate the plan. In both cases, interested parties may submit a comment. IRC: 7476(b)(2) Treas. Reg.: 1.7476-1 1.7476-2 Notice of Automatic Contribution Arrangement in an Eligible Combined Defined Benefit Plan and Qualified Cash or Deferred Arrangement (CODA) (Combined DB/qualified CODA) To inform eligible employees of their rights under the automatic contribution arrangement. IRC: 414(x)(5) Unenrolled Participant Notice (DC Plans) To remind unenrolled eligible employees annually of their eligibility to participate in the plan and of any applicable election deadlines. IRC: 414(bb) Notice of Correction of Automatic Enrollment Errors (DC Plans) To give employees notice of the correction of automatic enrollment or automatic escalation errors that are completed within a certain timeframe. IRC: 414(cc) Notice for Pension-Linked Emergency Savings Accounts (DC Plans) To give participants information about pension-linked emergency savings account features that are part of an individual account plan, given annually and to newly eligible non-highly compensated employees. IRC: 402A(e)(5) Reporting required by Internal Revenue Code NAME OF REQUIRED REPORT Description Applicable law Form 5500, PDF Annual Return/ Report of Employee Benefit Plan (DB/DC Plans) To provide information annually on a plan’s qualification, financial condition, and operation. IRC: 6057(b) 6058(a) 6059 Treas. Reg.: 301.6057-2 301.6058-1 Form 5500-SF, PDF Short Form Annual Return/Report of Small Employee Benefit Plan (DB/DC Plans) Simplified Form 5500 for use by certain small pension and welfare benefit plans with fewer than 100 participants meeting certain other eligibility conditions. IRC: 6057(b) 6058(a) 6059 Treas. Reg.: 301.6057-2 301.6058-1 Form 5500-EZ, PDF Annual Return of One-Participant (Owners/ Partners and Their Spouses) Retirement Plan or A Foreign Plan (DB/DC Plans) Form 5500 used by one-participant plans and certain foreign plans. IRC: 6058(a) Form 8955-SSA, PDF Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits (DB/DC Plans) To report information annually about separated participants who have deferred vested benefits in the plan. IRC: 6057(a) Form 15315, Annual Certification for Multiemployer Defined Benefit Plans (DB Plans) Plan actuary annually certifies whether or not the plan is in endangered status for the plan year, or would be in endangered status for such plan year, whether the plan is or will be in critical status for the plan year or for any of the succeeding 5 plan years, whether the plan is or will be in critical and declining status for such plan year, when a plan has adopted a funding improvement plan or rehabilitation plan (if applicable), and whether the plan is making the scheduled progress in meeting the requirements of its funding improvement or rehabilitation plan. IRC: 432(b)(3) Form 5558, PDF Application for Extension of Time To File Certain Employee Plan Returns (DB/DC Plans) To request a one-time extension of time to file Form 5500, 5500-SF, 5500-EZ, 8955-SSA, or 5330. Form 1099-R PDF, Distributions From Pensions, Annuities, Retirement or Profit- Sharing Plans, IRAs, Insurance Contracts, etc. (DB/DC Plans) To report distributions of $10 or more from most retirement plans, IRAs, annuities, pensions, insurance contracts, survivor income benefit plans, permanent and total disability payments under life insurance contracts, charitable gifts, annuities, etc. IRC: 6047(d) Form 5330, PDF Return of Excise Taxes Related to Employee Benefit Plans (DB/DC Plans) To report excise taxes on: Prohibited tax shelter transactions (Section 4965(a)(2)) Minimum funding deficiencies (Section 471(a) and (b)) Failures to pay liquidity shortfall (Section 4971(f)) Failures to comply with a funding improvement or rehabilitation plan (Section 4971(g)(2)) Failures to meet requirements for plans in endangered or critical status (Section 4971(g)(3)) Failures to adopt a rehabilitation plan (Section 4971(g)(4)) Failures to adopt a funding restoration plan (Section 4971(h)) Nondeductible contributions to qualified plans (Section 4972) Excess contributions to a Section 403(b)(7)(A) custodial account (Section 4973(a)(3)) Prohibited transactions (Section 4975) Disqualified benefits provided by funded welfare plans (Section 4976) Excess fringe benefits (Section 4977) Certain employee stock ownership plan dispositions (Section 4978) Excess contributions to plans with cash or deferred arrangements (Section 4979) Certain prohibited allocations of qualified securities by an ESOP (Section 4979A) Reversions of qualified plan assets to employers (Section 4980) Failure of an applicable plan reducing future benefit accruals to satisfy notice requirements (Section 4980F) Form 5310-A, PDF Notice of Plan Merger or Consolidation, Spinoff, or Transfer of Plan Assets or Liabilities; Notice of Qualified Separate Lines of Business (DB/DC Plans) To provide notice of a plan merger or consolidation into a single plan, a spinoff into two or more plans, or a transfer of assets or liabilities to another plan, or an election by an employer (or a modification or revocation of a previous election) to be treated as operating as a qualified separate line of business (QSLOB). IRC: 6058(b) 414(r) Form 8886-T PDF, Disclosure by Tax- Exempt Entity Regarding Prohibited Tax Shelter Transaction (DB/DC Plans) To disclose information about each prohibited tax shelter transaction to which the entity is a party. IRC: 6033(a)(2) Treas. Reg.: 1.6033-5 Form 5308, Request for Change in Plan/Trust Year (DB/DC Plans) To request approval to change the plan/trust year of the retirement plan. Certain changes are granted automatic approval. IRC: 412(d)(1) Rev. Proc.: 87-27 Form 945, Annual Return of Withheld Federal Income Tax (DB/DC Plans) To report withheld federal income tax from non-payroll payments, including tax-favored retirement plans. IRC: 6011 Form 990-T, Exempt Organization Business Income Tax Return (DB/DC Plans) To report unrelated business taxable income (UBTI). Treas. Reg.: 1.6012-2(e) Form 8822-B, Change of Address or Responsible Party – Business (DB/DC Plans) To report a change in the identity of the plan’s responsible party. Treas. Reg.: 301.61091(d)(2)(ii)
