Code 6057(a) provides that retirement plans subject to ERISA’s vesting requirements must report participants with deferred vested benefits to the IRS. Nothing in the Code or regulations exempts a 403(b) plan subject to ERISA from this requirement.

For plan years prior to 2009, the DOL provided a limited exemption from many of the Form 5500 reporting requirements. Specifically, a 403(b) plan only needed to answer certain informational questions on the Form 5500 and did not need to complete and attach any schedule, including the Schedule SSA. For plan years beginning after 2008, the DOL has eliminated the limited exemption.

Therefore, an ERISA 403(b) plan now must file a Form 5500 in the same manner as any other retirement plan, including attaching the required schedules, and if the plan is a large plan, the plan audit. The plan also will need to file a Form 8955-SSA. We will have to await the instructions to Form 8955-SSA or other guidance to determine whether the IRS provides any reporting exceptions (e.g., with respect to pre-2009 accounts to which the employer no longer provides contributions).

Governmental plans are exempt from ERISA, as are most church plans. Certain deferral-only 403(b) plans with limited employer involvement are also exempt from ERISA. These plans do not file Form 5500 and need not file Form 8955-SSA. However, the regulations state that they may file SSA information if they choose. We assume that when the IRS issues the new Form 8955-SSA and its instructions, that the optional filing provisions will still be available.

The New Form 8955-SSA: Who, What, When, and How, Tuesday, April 12, 2:00 p.m. ET and encore presentation on Wednesday, April 20, 2:00 p.m. ET
The IRS is issuing a new Form 8955-SSA, designed to replace the old Schedule SSA to Form 5500. Plans will use the new form to report participants who severed employment with deferred vested benefits. While there are many similarities to the old Schedule, there are also some key differences.

Added Value! Primary registrants for this Web seminar receive a $75 per program discount off their registration for the Form 5500/EFAST2 Workshop and/or the 401(k) Plan Workshop – register for both and save $150! Visit our April Web seminar calendar for more information and to register.

Form 5500/EFAST2, April – June, 22 Cities
This year’s Form 5500/EFAST2 will review filing procedures, including troubleshooting to avoid filing problems. The program also will discuss issues on which the DOL is focusing, such as eligibility to file Form 5500-SF, missing audit reports, and 403(b) plan compliance. The program will provide a line-by-line review of Form 5500 and schedules, with emphasis on Schedule C, and will explain how the new service provider fee disclosure regulations will affect Schedule C, as well as the filing requirements for the revised Form 8955-SSA… Visit our Web site for details and to register online.

401(k) Workshop April – June, 21 Cities
This year’s 401(k) Plan Workshop will explain (with actual sample statements and checklists) what additional fee information must be included in the quarterly benefit statement and how to draft and deliver the new annual fee and investment disclosures which will be effective later this year. In addition, we will discuss in-plan Roth rollover rules, and will tackle some ongoing plan administration issues, including participant loan errors, and rehired employees. The Workshop also will cover audit issues and audit avoidance by discussing IRS unofficial positions on practical 401(k) plan issues. As always, the programs will use case studies to provide practical understanding to these complicated rules. Register for the Workshop on our Visit our Web site for details and to register online.