An arm of the U.S. Department of Labor has come out with a new batch of advice aimed at the nonprofit employers that offer 403(b) retirement plans and the advisors that serve them.
The advice, given in Field Assistance Bulletin 2010-01, applies to the 403(b) plans at schools and other nonprofit employers that are subject to the Employee Retirement Income Security Act.
Many 403(b) plans are hungry for advice, because the government has imposed new reporting requirements on the plans.
All 403(b) plans subject to ERISA must file either a Form 5500 or the simplified Form 5500-SF for the 2009 plan year.
All 2009 Form 5500 filers must submit the forms electronically.
Each plan with 100 or more participants must include a report from an independent qualified public accountant with its Form 5500.