Painless 403(b) Plan Audits
3/25/2010
With the advent of new pension regulations that affect not-for-profit organizations, plan sponsors of 403(b) plans are facing sweeping changes to their audit requirements this year. Beginning with the 2009 plan year (plan years beginning on or after January 1, 2009), all ERISA 403(b) plans are subject to the same Form 5500 reporting requirements as qualified retirement plans (seven months after year-end, with a two-and-a-half month extension). For 2009 calendar-year-end plans, the due date is July 31, 2010 with an extension to October 15, 2010. For June 30, 2010 fiscal-year-end plans, the due date is January 31, 2011 with an extension to April 15, 2011.
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