403(b) Plans and ERISA - An Update

The non-profit world has experienced significant changes and problems related to ERISA compliance with 403b plans, whether the plan is considered small or large. Large ERISA 403(b) plans (plans with generally 100 or more participants on the first day of the plan year) were required to have an annual audit beginning with the 2009 plan year.  While small ERISA 403b plans (plans with less than 100 participants on the first day of the plan year) are not subject to the annual audit requirement, they still face many of the same compliance requirements that large plans do.  Since the final regulations went into effect beginning with 2009 plan years (the first such guidance for 403b plans in over 40 years), employers, the IRS, and the Department of Labor have identified a significant number of compliance issues that have occurred stemming from a lack of monitoring for years due to little or no guidance provided by regulatory authorities.  Employers now are faced with taking the requisite corrective action to solve a multitude of problems identified through increased scrutiny related to these new rules. 

You should attend if you have a 403(b) plan subject to ERISA (whether it is large or small) and want to be sure you are in compliance with the IRS and DOL rules governing your plans.  Non-compliance can result in significant penalties from either the IRS or the DOL, or both.

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