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A Christian School sponsored 403(b) plan filed a 5500SF.  The plan has over 100 participants.  They indicated on the form they didn't purchase a fidelity bond. 
They have determined they are a 3121(w)(3)(a) organization and should not be covered by ERISA.  What measures can they take to stop filing 5500.  In addition, are they still required to perform an audit?

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  • 7 months later...

And no audit.  The audit is "caused" by filing a long form 5500.  No 5500; no audit.  I also agree with BenefitsPerson.  I have followed that procedure for Non-Electing Church plans which had filed 5500's for years before they hired us.  Filing a 5500 does not make a church plan an "electing" church plan.  I would be careful about whether a school (Christian or otherwise) qualifies as a "church" or QCCO.  We require that the organization furnish us a copy of whatever they have obtained from an attorney or whoever made this determination and we also make it clear to them that we did not and will not make such determinations.


Patricia Neal Jensen, JD

Vice President and Nonprofit Practice Leader

|Future Plan, an Ascensus Company

21031 Ventura Blvd., 12th Floor

Woodland Hills, CA 91364

E patricia.jensen@futureplan.com

P 949-325-6727

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