New filing, audit requirements for ERISA-covered 403(b) retirement plans released.

• Position: Regulatory matters

Beginning in 2009, retirement plans sponsored by charitable organizations and schools under Internal Revenue Code section 403(b) and covered under the Employee Retirement Income Security Act of 1974 will be subject to the same reporting and audit requirements that currently exist for section 401(k) plans. Section 403(b) plans are also commonly known as "tax-shelter annuity plans."

Under new U.S. Department of Labor regulations issued in Nov. 2007 amending the filing requirements for Form 5500, Annual Return/Report of Employee Benefit Plan, ERISA-covered 403(b) plans with 100 or more participants generally will be required to file audited financial statements beginning with their 2009 Form 5500 filing. 403(b) plans with fewer than 100 participants may be eligible to use abbreviated reporting forms...