January 30, 2009 / Law Alert

ERISA 403(b) Plans Now Subject to Standard Form 5500 Requirements

On November 16, 2007, the Department of Labor (DOL), Internal Revenue Service (IRS), and Pension Benefit Guaranty Corporation (PBGC) published final annual reporting regulations that amend the annual reporting requirements to place Code Section 403(b) plans on par with other ERISA-covered pension plans. Effective for plan years beginning on or after January 1, 2009, ERISA 403(b) plans will generally be subject to standard Form 5500 filing requirements. In addition, sponsors of plans with 100 or more eligible participants will need to have their plans audited by an independent qualified public accountant. Non-ERISA 403(b) plans are not required to file a Form 5500 Annual Report.

Also, for plan years beginning on or after January 1, 2009, the Form 5500 Annual Report must be filed electronically using the ERISA Filing Acceptance System (EFAST2). Paper-based filings will no longer be accepted.