TAX-EXEMPT ENTITIES: Miscellaneous 403(b) "Nuts!" and Bolts

Tax-exempt 403(b) plan sponsors file their first full Annual Return/Reports on Form 5500 for the 2009 Plan Year, complete with audited financial statements, if there are 100 participants in the plan; EBSA tells us how to count to 100 (it's not as simple as your first grade teacher led you to be...

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Bibliographic Details
Published inJournal of pension benefits Vol. 17; no. 4; p. 51
Main Author Klein, Amelia M
Format Journal Article
LanguageEnglish
Published New York Aspen Publishers, Inc 22.06.2010
Subjects
Annual reports
Audited financial statements
Compensation plans
Deferred compensation
Employees
Employers
ERISA
Pension plans
Reporting requirements
Tax exempt organizations
Wages & salaries
United States > US
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Summary:Tax-exempt 403(b) plan sponsors file their first full Annual Return/Reports on Form 5500 for the 2009 Plan Year, complete with audited financial statements, if there are 100 participants in the plan; EBSA tells us how to count to 100 (it's not as simple as your first grade teacher led you to believe). The Department of Labor tells TIAA-CREF that its Traditional Annuity product is not a fully allocated account exempt from 5500 financial reporting and audit, which will result in a big jump in reported assets, and says, "of course you need more than one vendor to satisfy the voluntary plan non-ERISA safe harbor," further foreclosing the idea that any 403(b) plan maintained by a non-governmental or church sponsor would be exempt from ERISA. File this under the category, "Nothing is as easy as it once seemed." [PUBLICATION ABSTRACT]
ISSN:1069-4064