DOL Provides Some Form 5500 Relief for 403(b) Plans

In response to concerns expressed by many in the 403(b) community, including a June 16, 2008 letter from the Groom Law Group, that the new Form 5500 requirements for the 2009 plan year, including the audit requirement for large plans with 100 or more participants, would be difficult or impossible for many tax-exempt employers to meet, the Department of Labor (DOL) has issued Field Assistance Bulletin 2009-2, providing transition relief for plan administrators of 403(b) plans who are otherwise required to first comply with expanded annual reporting requirements for the 2009 plan year.  The general provisions of the relief, along with a few questions it raises, are discussed in the attached memo.