The new reporting features make it easier for US corporate clients to fulfill their year-end Form 5500 reporting to the Department of Labor as required by the Employee Retirement Income Security Act (ERISA).

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 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.

Using BNY Mellon's Workbench website, plan sponsors can now customize downloads of their 5500 information into industry-standard file formats like XLS, CSV and TXT.
"We continue to enhance the Workbench portal with features that are important to our clients' success," said Steve Boor, global information delivery product manager for BNY Mellon Asset Servicing. "These new features will allow our clients more control and ease in managing and filing their required 5500 information."

BNY Mellon's Form 5500 reporting package provides a suite of detailed, fully audited PDF statements to assist clients in the timely and accurate filing of Form 5500 in accordance with Internal Revenue Service and Department of Labor regulations. In June, BNY Mellon will add a report designed to help clients prepare Schedule C of Form 5500 by identifying trust payments made to service providers.