In a continuation of our benefit plan audit series, over the next few weeks, we’ll continue updating you on changing rules and regulations and their impact on employee benefit plan audits.
This week’s topic:
In November 2007, the DOL issued amendments to the Form 5500 – Annual Return/Report of Employee Benef it Plan – for the 2009 plan year. One of the changes eliminated the exemption granted to Internal Revenue Code ("IRC") §403(b) retirement plans of IRC §501(c)(3) organizations, from the Form 5500 reporting, disclosure and audit requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"), as amended. The removal of this exemption subjects ERISA-covered 403(b) plans to the same Form 5500 reporting and audit requirements as §401(k)-type plans.
For more information on employee benefit plan audits, please leave a comment below, or contact Dani Gisondo at 440-449-6800.