If your organization utilizes a 403(b) benefit plan, you most likely know of the recent changes to the Form 5500 reporting and audit requirements.
After reviewing these changes, many plan administrators had expressed concern that the historical treatment of 403(b) plans as a collection of individual contracts with respect to which employees could engage in a series of actions without the involvement or consent of a plan administrator or employer could make it costly, and in some cases impossible, to identify and obtain the financial information about certain pre-2009 contracts and custodial accounts to which the employer is no longer making employee contributions or forwarding employee salary reduction contributions.
In response to the concerns, the Department of Labor released the Field Assistance Bulletin, which provides transitional relief for 403(b) plan administrators that make "good faith efforts" to comply with the new reporting requirements for the 2009 plan year.
The relief is limited to the Form 5500 reporting requirements, including the requirement for large plans to include as part of their annual report the audit report of an independent qualified public accountant.
For complete details on the transition relief, click here to read more.
Looking for assistance with your benefit plan audit? Contact the CPA’s, business and financial advisors at Skoda Minotti at 440-449-6800.
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Comments for Employee Benefit Plan: Transitional Relief Available for 403(b) Plan Annual Reporting Requirements