Administration November 25, 2024

DOL Releases 2024 Form 5500 Informational Updates

They include revisions to codes for pension-linked emergency savings accounts and instructions for benefits payable in annuity form.

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The Department of Labor, IRS and Pension Benefit Guaranty Corporation on Monday released informational copies of the Form 5500 series for 2024.

The instructions on filing highlight changes made for 2024 for Forms 5500 and 5500-SF, the short-form series for small pension and welfare benefit plans. The IRS is set to release paper copies of and online instructions for Form 5500-EZ, which is for one-participant (owner/partner) plans and foreign plans, after January 1, 2025.

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The informational copies are not for filing the annual forms, the agencies noted; plan administrators should monitor efast.dol.gov to know when official electronic versions are available for filing, either with approved vendor software or the EFAST2 website.

The informational sections released Monday include “Changes to Note” for plan administrators, which included those for both Form 5500 and Form 5500-SF:

  • A new plan characteristics code, 2Y, for pension-linked emergency savings accounts created by the SECURE 2.0 Act of 2022; and
  • Updates that reflect an increase in the maximum civil penalty amount assessable under the Employee Retirement Income Security Act’s Section 502(c)(2)—for those who fail to file required reports of information—as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.

Changes implemented for only Form 5500:

  • Defined contribution group plan arrangements may, without needing to attach a list of participant plans, file for an extension of time to file Form 5500; and
  • Modifications to the process of filing an attached Schedule SB reporting expected benefit payment projections when plans are reporting on benefits to be paid in the form of an annuity.

The agencies also noted that, starting on January 1, 2025, an extension request can be made via Form 5558 either electronically through EFAST2 or filed with the IRS using a paper form.

Form 5500s are submitted to the DOL, IRS and PBGC for employee benefit plans to meet filing obligations as stipulated by ERISA and the Internal Revenue Code. The forms are used by the agencies for compliance, enforcement and research.

Deals and People November 22, 2024

Retirement Industry People Moves

Hartford Funds names Mackay as head of distribution; Mercer appoints Penner as U.S., Canada career leader; The Standard hires Tucci as national accounts sales manager; and more.

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Hartford Funds Names Mackay as Head of Distribution

Jonathan Mackay

Hartford Funds Management Group Inc., a global asset manager, announced that Jonathan Mackay has been appointed to the role of head of distribution, effective December 2. Mackay will drive sales strategy and oversee the firm’s external and internal sales teams.

Mackay will report to Greg Frost, who will step into the role of president on January 1, 2025, following current President Jim Davey’s retirement at the end of the year. Frost has served as Hartford Funds’ chief financial officer since 2012.

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Most recently head of wealth, U.S. client group at Schroders, Mackay brings more than 25 years of industry experience to his new role. Schroders has served as a strategic partner and sub-adviser to Hartford Funds since 2016.

In addition to distribution strategy, Mackay will work with Hartford Funds’ sub-advisers, Wellington Management and Schroders, to ensure ongoing education and support for the firm’s sales teams.

Mercer Appoints Penner as US, Canada Career Leader 

Stephanie Penner

Mercer, a business of Marsh McLennan, named Stephanie Penner as its U.S. and Canada career leader, effective November 15.

Penner will report to Susan Potter, Mercer’s U.S. and Canada president, and Ilya Bonic, Mercer’s career president and head of strategy. 

Penner will focus on evolving Mercer’s U.S. and Canada career strategy, boosting brand presence and engaging the career team across the region. She succeeds Susan Haberman, who was named Mercer’s U.S. and Canada chief strategy and growth officer earlier this year.

“ Stephanie has been with Mercer for over 25 years and has consistently demonstrated her commitment to driving growth and client satisfaction,” Potter said in a statement. “Her extensive experience in the US Career practice, combined with her talent for fostering collaboration across our businesses, positions her as the right leader to elevate our US and Canada Career strategy and provide outstanding value to our clients.”

The Standard Hires Tucci as National Accounts Sales Manager

Ashley Tucci

The Standard Insurance Co. welcomed Ashleigh Tucci as a national accounts sales manager for retirement plans. With the addition of Tucci, The Standard continues to build support for distribution partners.

Tucci has 17 years of experience in the retirement plan and financial services industry. She previously held roles at AMG Wealth and BNY Mellon.

“ Our recent sales results are an indication of the demand for premium service,” Patrick Bushlack, director of business development in retirement plans at The Standard, said in a statement. “Ashleigh’s unique experience and passion for great service enhance how we show up for our distribution partners.”

Multnomah Group Welcomes Zinn as Director of Vendor Services

Emily Zinn

The Multnomah Group Inc. announced the addition of Emily Zinn as the director of vendor services. Previously Zinn served as an OCIO solutions associate at Alan Biller and Associates, an investment consulting firm.

“I am excited to join Multnomah Group and work with such a talented team,” said Zinn in a statement. “I look forward to contributing to the company’s success and supporting our clients in achieving successful outcomes.”

The Multnomah Group provides fee-only retirement plan and investment consulting services to for-profit and tax-exempt employers in the U.S. The firm provides fiduciary governance, plan operations, provider oversight and investment consulting.

 We are thrilled to have Emily join our team,” Erik Daley, Multnomah’s managing principal, said in a statement. “Emily has broad experience from participant engagement all the way through managing some of the largest retirement plans in the country.”

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