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ARTICLE · 14 SEPTEMBER 2009

DOL Provides Relief To 403(b) Plans From Form 5500 Reporting Requirements

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The U.S. Department of Labor (the “DOL”) recently released a Field Assistance Bulletin (FAB 2009-02) that provides much needed guidance and relief in response to concerns expressed by 403(b) plan administrators and their accountants regarding the expanded annual Form 5500 reporting requirements for 403(b) plans beginning in 2009.

United StatesEmployment and HR
Proskauer'S Compensation & ERISA Litigation Practice Center
Proskauer'S Compensation & ERISA Litigation Practice Center
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The U.S. Department of Labor (the "DOL") recently released a Field Assistance Bulletin (FAB 2009-02) that provides much needed guidance and relief in response to concerns expressed by 403(b) plan administrators and their accountants regarding the expanded annual Form 5500 reporting requirements for 403(b) plans beginning in 2009. Prior to 2009, 403(b) plans were subject to very limited Form 5500 reporting requirements.

Beginning in 2009, large 403(b) plans (generally plans with 100 or more participants) that are subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA") are required to include with their annual Form 5500 filing, audited financial statements prepared by an independent auditor. Small 403(b) plans (generally plans with fewer than 100 participants), while now subject to the same annual Form 5500 requirements as other small retirement plans, are eligible for a waiver of the audit requirement and will generally be able to use the

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