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ARTICLE · 23 APRIL 2008

403(B) Plan Sponsors Subject To New Reporting And Audit Requirements

McDermott Will & Emery
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Effective for plan years beginning on or after January 1, 2009, all Internal Revenue Code (Code) Section 403(b) plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), are subject to the same annual reporting requirements that apply to other tax-qualified retirement plans.

United StatesEmployment and HR
Philip Castrogiovanni
Philip Castrogiovanni
Ralph DeJong
Ralph DeJong
Louis LiBrandi
Louis LiBrandi
Robert Siper
Robert Siper
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Plan sponsors should determine if they are subject to the new requirements, and take appropriate steps to satisfy their reporting obligations

Effective for plan years beginning on or after January 1, 2009, all Internal Revenue Code (Code) Section 403(b) plans that are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), are subject to the same annual reporting requirements that apply to other tax-qualified retirement plans. Currently, sponsors of 403(b) plans are only required to complete a limited number of line items on annual report Form 5500 to satisfy applicable reporting requirements. The enhanced reporting requirements under Form 5500 include the annual audit and auditors certification requirements applicable to other tax-qualified retirement plans. In light of these new reporting requirements, 403(b) plan sponsors should consider the following.

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