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Principal: New 403(b) Reporting Ahead

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A large retirement plan company is providing non-profit sponsors of 403(b) retirement plans with financial data and reports they will need to meet new reporting requirements in 2010.

Principal Financial Group, Des Moines, Iowa, says that these employers will face rigorous new reporting requirements in 2010. The requirement include submitting a full Form 5500(3) and, for larger plans, an independent plan audit.

These are the same financial reporting and auditing requirements that 401(k) plans must meet, the company notes.

Having the financial data and reports now, a year in advance, should give employers a head start on meeting the new requirement, Principal says. This will give them a clear picture of what data they will need to collect and how to report it, it notes.