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 The U.S. Department of Labor (DOL) requires all employers with more than 100 eligible employee benefit plan participants to conduct employee benefit plan audits. For plan years beginning on or after January 1, 2009, schools, churches, charities and certain other tax-exempt organizations that offer a 403(b) retirement plan to employees will be subject to the same 5500 reporting and audit requirements as 401(k) plans.
At DGC, we understand that this represents an added burden for nonprofit organizations and one you may need assistance preparing for. We recommend that plan sponsors obtain outside assistance regarding the plan document and its administration.
Furthermore, we recommend that you:
- Contact your investment custodian and request investments statements for the 2008 plan year, and organize participant files.
- Designate someone as the plan administrator. This person will be responsible for
administrating the plan and should be able to:
- Read and understand the plan document.
- Design proper accounting procedures and internal controls over the administration of the plan.
- Stay up-to-date on rules and regulations set forth by the Department of Labor and Internal Revenue Service as they relate to these plans.
- Select a CPA to conduct your employee benefit plan audit.
Should you select DGC as your CPA firm, we will take the time to help you understand these new reqirements. We have the experience and expertise to perform your 403(b) audit, and we will walk you through it every step of the way.
Click here to contact a member of our audit team.
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