A unit of MetLife Inc. (NYSE:MET) is offering the nonprofit sponsors of 403(b) plans more help with meeting Form 5500 filing requirements.
MetLife Resources, New York, has started providing Internal Revenue Service Form 5500 services.
The change is necessary because the U.S. Department of Labor now requires 403(b) plans that are subject to the Employee Retirement Income Security Act to file the full version of the Form 5500, rather than a short version, MetLife says.
MetLife Resources is now providing a Form 5500 that is ready to go to the IRS, and it will complete schedules using information from its own records and information provided by the clients.
MetLife Resources also prepares a “standard auditing package” that includes detailed information about plan assets and copies of supporting documentation, such as check copies and form copies.
An accompanying communications program includes a hard copy summary of the changes to the Form 5500 filing requirements and a client Webcast.