Posted by Maria T. Hurd, CPA
With the changes that are taking effect within the nonprofit community related to retirement plans, the US Department of Labor (DOL) has added a web page focusing on 403(b) retirement plan compliance. Nonprofit entities, such as public schools, hospitals and churches, can offer their employees the opportunity to save for retirement with pretax dollars, after tax contributions, Roth deferrals, or a combination. Contributions can also include employer matching or discretionary contributions. Compliance surrounding a 403(b) can be confusing.
The DOL 403(b) web page allows nonprofit employers to download publications that offer guidance on various topics, such as:
- Whether their plan is exempt from ERISA coverage
- Form 5500 filing requirements
- Fiduciary responsibilities
- Selecting an auditor
- ERISA regulations relevant to 403(b) plans
Additionally, the web page points users to online sites for electronic filings and reporting, voluntary corrections and IRS resources. Hopefully the DOL 403(b) web page will help clear up any questions you might have regarding compliance.