It's 2009...Are You Ready For Your 403(b) Audit?

Under this year’s new 403(b) regulations plans that are subject to the Employee Retirement Income Security Act (ERISA) will need to comply with the same reporting requirements as other ERISA retirement plans.  This includes Form 5500 reporting requirements as well as the annual audit requirement for plans with over 100 “eligible participants” as of the beginning of the plan year (known as “Large Plan Filers”). This provision is effective with plan years beginning on or after Jan. 1, 2009. Therefore, it is important to understand who qualifies as an eligible participant to determine if your plan will require an audit.