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AlbanyConsultant

non-ERISA 403b - needs a final 5500?

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I'm working with a small non-ERISA 403(b) that has convinced the few participants with balances to take their distributions so the plan can be terminated. The custodial vendor sent a letter reminding the plan sponsor that the plan must file a "final 5500" for the year the payouts are made.

Can anyone confirm that? I'm not seeing that rule anywhere... thanks.

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If the employer is confident that the 403(b) arrangements are a non-plan, here's one practical path some practitioners suggest:

If a Form 5500 report or return was filed for a preceding year, do a "final" 5500 so EBSA's and IRS's computers will treat the record as finished.

If no Form 5500 report or return was filed for any preceding year, don't start.

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