For ERISA 403(b) plans, new 5500 reporting requirements in 2009 require plan asset data to be reported, much like for 401(k) plans. How much data do I need to include?
Field Assistance Bulletin 2009-2 has provided relief by permitting ERISA plan sponsors to disregard reporting assets, for the purposes of Form 5500 reporting only, in all annuity contracts or 403(b)(7) custodial accounts issued prior to January 1, 2009, if no contributions were made to those accounts on and after January 1, 2009 as long as those account values are fully vested, and are funded in individual annuity contracts or custodial accounts where the employees have control. For detailed information on these accounts, employers should obtain a copy of FAB 2009-2. Employers sponsoring ERISA 403(b) plans should require that their product vendors provide plan level reporting to avoid issues in gathering data to meet the w reporting requirements going forward.
