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403(b) Plans

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

403(b) Plans Primer

The AICPA Employee Benefit Plan Audit Quality Center has developed this primer to provide Center members with a general understanding of 403(b) plans.  Learn More>>

403(b) Filing and Audit Requirements
The AICPA Employee Benefit Plan Audit Quality Center has developed this summary of 403(b) retirement plan filing and audit requirements. Learn More>>


403(b) Getting Started: Meeting the New Form 5500 Reporting and Audit Requirements
The AICPA Employee Benefit Plan Audit Quality Center has suggested steps plan sponsors and administrators can take now to help their plan meet the new filing and audit requirements. Learn More>>

403(b) Questions to Expect from Your Plan Auditor

The AICPA Employee Benefit Plan Audit Quality Center has developed this tool to provide examples of the types of questions that plan management may be asked by the plan's independent auditor. Learn More>>

 

403(b) Sample Auditor Request List for Plan Information

The AICPA Employee Benefit Plan Audit Quality Center has developed this tool to provide examples of the types of documents, schedules and information that plan management may be asked to provide or make available to the plan's independent auditor. Learn More>>

Audio Recording of 403(b) Plan Audit Live Forum

 

An audio recording of the EBPAQC's 403(b) Plan Audit Live Forum held on November 6, 2008 is available exclusively to members on the Center website under "Past Events" at http://www.aicpa.org/EBPAQC. The audio recording discusses the new DOL reporting and audit requirements for 403(b) plans, activities of the AICPA 403(b) Task Force, DOL perspectives, implementation issues, and steps to take now to get started.

 

Use the EBPAQC Discussion Forum

A 403(b) Plan Audit discussion forum has been added to the EBPAQC Online Forum to help you network and discuss issues and exchange information with other members. The Forum is easy to use and can provide you with a wealth of information. Share your 403(b) experiences with other Center members on the EBPAQC Discussion Forum. Click here to visit the Forum.

Questions about the Form 5500 filing and audit requirements for section 403(b) retirement plans?

Visit the Department of Labor's Employee Benefit Security Administration Web site at http://www.dol.gov/ebsa or contact the DOL's EFAST Help Line at 1-866-463-3278.

 

Plan Sponsor Resource Center


Also visit the EBPAQC Plan Sponsor Resource Center where you can find information on selecting your plan auditor, resources on the request for proposal (RFP) and auditor evaluation process, and a directory of Center member firms.


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
Copyright © 2008 by the American Institute of Certified Public Accountants, Inc., New York, New York.