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Under U.S. Department of Labor (DOL) regulations issued on November 16, 2007, retirement plans sponsored by charitable organizations and schools under Internal Revenue Code section 403(b) and covered under the Employee Retirement Income Security Act of 1974 (ERISA) will be subject to the same reporting and audit requirements that currently exist for section 401(k) plans.
ERISA-covered 403(b) plans with 100 or more participants generally will be required to file audited financial statements beginning with their 2009 Form 5500 filing. 403(b) plans with fewer than 100 participants may be eligible to use abbreviated reporting forms without audited financial statements.
Tools and Resources
Other Useful Resources
Below are links to helpful resources:
· November 16, 2007 DOL regulations www.dol.gov/ebsa/regs/fedreg/final/20071116.pdf
· DOL Field Assistance Bulletin No. 2007-02, which addresses how the Treasury/IRS regulations governing 403(b) tax-sheltered annuity programs affect the status of such programs under the DOL's safe harbor regulation at 29 C.F.R. § 2510.3-2(f). See http://www.dol.gov/ebsa/regs/fab2007-2.html.
· IRS Web site on IRC 403(b) Tax-Sheltered Annuity Plans at http://www.irs.gov/retirement/article/0,,id=172430,00.html
· IRS Publication 571 Tax-Sheltered Annuity Plans (403(b) Plans) (Rev. November 2007) Cat. No. 46581C http://www.irs.gov/pub/irs-pdf/p571.pdf
Other IRS Publications:
· Pub. 4482, 403(b) Tax-Sheltered Annuity for Participants
· Pub. 4483, 403(b) Tax-Sheltered Annuity Plan for Sponsor
· Pub. 4484, Choose a retirement plan for employees of tax-exempt and government entities (schools, hospitals, churches, charities)
· Pub. 4530, Designated Roth Accounts under a 401(k) or 403(b) Plan
· Pub. 4546, 403(b) Plan Checklist
· Pub. 4547, Have you had your check-up this year? for 403(b) Retirement Plans
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