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BNY Mellon Announces Form 5500 Reporting Enhancements
BNY Mellon Asset Servicing has announced several enhancements to the online Form 5500 reporting capabilities of its Web portal Workbench.
Reported by Rebecca Moore
According to a press release, BNY Mellon Asset Servicing released a new Form 5500 Schedule R report to assist clients by reporting the beginning-of-year distribution of assets in five categories: stocks, investment-grade debt instruments, high-yield debt instruments, real estate, and other asset classes.
The company said it also improved online customized data access to the following Form 5500 reports:
- schedule of investments at plan year end
- realized gain loss report
- certain investment arrangement report
- contributions, expenses, and transfer detail transaction report.
Plan sponsors can now customize downloads of their 5500 information into industry-standard file formats like XLS, CSV and TXT.
BNY Mellon said in June it will add a report designed to help clients prepare Schedule C of Form 5500 by identifying trust payments made to service providers.